Contractors All Risks
Welcome to Keystone Insurance, Ireland’s premier supplier of Contractors All Risks Insurance to the Irish Construction Industry.
Contractors All Risks Insurance (also known as Contract Works Insurance) is an insurance policy specially designed for builders and a number of other construction trades. Contractors All Risks Insurance can include cover for contract works, own plant, hired-in plant and employee’s tools. The main part of the contractors all risks insurance is the contract works section which provides cover for the property being worked on such as a new house build, new office block etc.
This policy is designed to cover ‘work in progress’ so cover for the existing property is excluded (e.g. the existing structure when building an extension) and must continue to be insured under its own insurance cover.
Consider the following examples where Contractors All Risks Insurance will provide cover:
- You are a building contractor and are building a house for resale. So far you have spent €200,000 on materials and labour. The property catches fire and is destroyed before it has been completed.
- You are groundwork’s contractor and you leave your excavator on site until the contract is completed. Your excavator is stolen or destroyed by vandals.
Contractors All Risks Insurance is very important addition to a Public & Employers Liability Insurance policy. The cover provided is as follows:
This covers loss of or damage to contract works and materials.
For example if you are building a new house [Or a number of houses] you will be covered if any of your work in progress is damaged.
This covers loss or damage to your own plant including heavy machinery, tools & equipment.
For example, a contractors all risks policy covers all your equipment from a hammer to a bulldozer! Cover is provided against various perils including theft, fire, vandalism etc.
Hired in Plant
This covers loss of or damage to hired in plant. This is particularly important for contractors who hire machinery from plant hire yards and many wont lease machinery unless you accept full responsibility for theft, loss or damage to the machinery in question.
For example, a contractors all risks policy will cover you if you hire a JCB excavator for a plant hire yard and it is stolen from site.
All Risks on Tools
This covers loss of or damage to hand tools and hand held portable power tools belonging to you and your employees. Please note that not all insurers offer cover for employees’ tools although the majority do.