Construction & Owner Builder

A Construction policy is divided broadly into two sections of cover:-

  • Section 1 – Covers Physical Damage to the Contract Works.
  • Section 2 – Covers Public (Legal) Liability to Third Parties arising from the Works.

Section 1 – Physical Damage

This section covers physical loss of damage to the actual works by any means not specifically excluded from the policy cover.
Examples of insured events that can be claimed under a construction policy are such events as: ‘Fire or Malicious Damage to the works; Theft of Materials or Equipment; Storm &/or Water Damage; Impact’.

Section 2 – Public Liability

This section covers you against claims made by Third Parties (anyone other than those actually insured under the policy) for instances where they have had their Property damaged or have suffered a Bodily Injury arising out of the works.

The standard Construction Policy can contain extensions to the cover for such items as:

  • Plant Tools and Equipment;
  • Existing Buildings & Structures;
  • Overtime Work or Expediting Expenses;
  • Temporary Buildings & Hutments;
  • Principals Materials;
  • Claims Preparation Expenses.

Owner / Builder Insurance

If you are project managing the construction or alteration of your own home, you can effect an insurance cover to include both Sections of cover (Physical Damage & Public Liability) or just one.

The cover can include all tradespeople you engage on the project in addition to your own direct involvement in the construction.

Your Coastsure insurance consultant will assist you through the range of Construction Insurance options. Your individual circumstances will be taken into consideration to structure the most suitable insurance cover for your needs.

Any advice or recommendation that may have been implied is General Advice only. Please be aware that we have not taken into consideration your needs, objective or financial requirements. Before deciding to purchase a financial product, you should read the Product Disclosure Statement to ensure the product is suitable for your needs.