Contract Works Insurance NZ

What is Contract Works Insurance?

Contract works insurance provides comprehensive protection for construction projects against physical loss or damage. It covers the works under construction, materials on site, and often includes liability protection for third-party claims.

Whether you're building a new home, commercial development, or undertaking civil engineering works, contract works insurance protects your investment from unexpected events that could result in significant financial loss.

What Does It Cover?

• Damage to works under construction
• Materials on site
• Plant and equipment
• Third-party liability
• Removal of debris
• Professional fees

Who Needs Contract Works Insurance?

Contract works insurance is essential for:

• • Building contractors
• • Subcontractors
• • Property developers
• • Civil engineering contractors

Typical Costs

Contract works insurance is typically priced as a percentage of the contract value. Typical rates start from:

• • Residential projects: From 0.5% of value
• • Commercial projects: From 0.4% of value
• • Civil engineering: From 0.3% of value