Contractors all risks (also known as Contract Works insurance or ‘CWI’) is insurance specially designed for builders and a number of other trades working at a contract site.
CWI can include cover for public and employers liability (compulsory if you have employees either on a PAYE basis), contract works, own plant, hired-in plant and employee’s tools. So a full CWI policy pretty much all the insurance a contractor needs rolled into one. However there’s no real legal definition, so each policy can be different, not all include Employers or Public Liability for instance (for some it may be an optional extra), so it’s important to check exactly what you are buying.
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What is Contractors All Risk Insurance?
The main part of CWI is the contract works section which provides cover for the property being worked on (e.g. new house, etc.).
However, cover for a pre-existing property (e.g. existing house when building an extension) is excluded (except for actions by the contractor) and must continue to be insured under its own insurance cover. In other words if the builder starts a fire whilst building the extension, the rest of the house is covered under the contractors insurance, but if the house burns down because of a chip pan fire caused by the owners…. it isn’t. Which is fair enough when you think about it.
The reasons for buying it are mainly that damage to the contract works can mean having to do the work twice for only one payment (e.g. the extension catches fire or the roof blows off half way through the job) and any plant that gets nicked will have to be replaced from the contractors own resources even if the plant is hired.
Most CWI policies have stringent conditions attached such as the provision of fire extinguishers whilst undertaking certain types of work. It’s really important that any contractor thoroughly reads the policy and adheres to these conditions or the policy is worthless.
Premiums mainly depend on the value and type of work, number of employees and previous claims record.
So for a quotation or more information, contact our staff today.
