Construction Insurance

Cover for Construction Projects Large or Small

Australia’s billion-dollar construction industry lies at the heart of the nation’s economic and social infrastructure.  Through the provision of structure, construction contributes to the wealth and welfare of the community.  Such great responsibility should be backed up with a comprehensive insurance policy.

Whether you operate in the commercial, residential or civic sector, constructors are particularly susceptible to a wide variety of risks and should have an appropriate insurance policy in place before stepping foot on the building site.  

Construction Insurance is a special type of property insurance which indemnifies against damage to buildings while they are under construction for example from fire, wind, theft and vandalism and many more potential risks.

PSC Insurance Brokers specialise in Construction Insurance. We understand the varying roles of contractors is and provide specific insurance solutions to a variety segments across the construction industry including:

    • Builders
    • Property developers
    • Demolition contractors
    • Civil engineering contractors
    • Subcontractors.

Just as every construction project is unique, you need a policy that’s tailored to the specifics.  Our experienced brokers will work closely with you to identify the particular risks associated with your project, to source suitable cover at a competitive price.  

We provide a range of Construction Insurance covers that can be tailored to your specific needs, including:

  • Professional indemnity
  • Employers liability
  • Contract works / Contractors All Risks insurance
  • Environmental liability
  • Single project policies
  • Delay in start-up (DSU)
  • Latent defects.

Not only will we help source the right insurance cover by assessing your individual needs, but we will use our considerable buying power of the PSC Group to negotiate the most cost-effective premium on your behalf. Furthermore, will work with you into the future to provide ongoing advice and support in the event of a claim.

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Do subcontractors need Public Liability insurance?
Unless there is a specific provision in a builder’s insurance policy subcontractors who operate their own business are not covered and should take out their own public liability insurance
In the case of building defects, when and what does Construction Insurance pay?
Sometimes builders expect their Construction Insurance to pay for rectification costs in the case of defective work. Please note that Construction Insurance policies do not cover correction of defective building work and often carry specific exclusions in the case of defects.
Who are the insured parties under a Contract Insurance policy
At a minimum your cover should include the builder, owner, contractors and subcontractors, financiers and, when required under the building contract, project managers, architects, engineers and consultants.
What is the cover period of Construction Insurance?
The cover period generally spans from commencement, through the construction phase until practical completion. Brokers advise to include an additional time allowance after practical completion, as some contracts require extended cover or there may be a delayed handover. If you hold an annual policy, we will check whether your policy covers only new projects commenced, projects underway at policy attachment or both. Should you undertake any speculative works, it is important to us that we make sure your policy coverage extends for a period after completion pending sale or in the event of strata title projects, ensure that the gap between practical completion and strata registration is insured. In the event of partial occupancy of the works during construction, special insurance arrangements may be necessary.
How do I make a claim?
Following an event which gives rise to a claim, it is your responsibility to notify your broker immediately, confirming such notification in writing giving an indication of the nature and extent of the loss or damage. I is important to do so as insurers may not be liable in any event to extend cover for loss or damage of which no notice has been received within fourteen days of the incidents occurrence.