Construction & Liability Insurance is a common requirement in building contracts and many financial institutions funding projects stipulate that construction insurance must be held as loan security. It is also just good business practice to hold this type of policy to protect your business.
The purpose of construction insurance is to cover building works in progress, should loss or damage occur during construction. The liability component is to cover for damage to persons or property. Insurance can be arranged specifically for each project or as an annual policy covering all projects undertaken with the insurance premium paid on works turnover.
The above information has been generalised. Full details of the cover provided under each type of cover and their exclusions, conditions, additional benefits and definitions are available in the full business/commercial insurance policy. A policy wording is available upon request.
Rapid Brokers Pty Ltd (ABN 53 101 545 626) is an Authorised Representative (No. 402807) of Ausure Pty Ltd (ABN 94 096 971 854 AFSL 238 433). Rapid Brokers is a wholly owned subsidiary of Rapid Solutions Pty Ltd. Please read Ausure Pty Ltd's Financial Service Guide (FSG).