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2024 Construction Sector Risk Outlook

2024 Construction Sector Risk Outlook

In our annual outlook for the New Zealand construction sector we outline what we think the sector is going to experience over the coming year The report includes what you can do to both be prepared for threats and take advantage of opportunities.

How much will a liability policy pay if you cause damage to someone’s property?

How much will a liability policy pay if you cause damage to someone’s property?

Public liability insurance covers the loss someone else has suffered that you’re responsible for. But, it will only cover the actual value of the damaged item, not the cost to replace it with a new one. That can leave a gap between what you’re liable for and what the policy covers. That’s why it’s best for these claims to first be made on the building or contents insurance, as those policies pay replacement value. That insurer will then seek to recover their loss (the full replacement value) from you and your liability insurance will cover this whole amount (since that is the amount of the loss the insurer has suffered). The homeowner’s excess will be covered too and they won’t have an adverse claim history either, since their insurer was fully reimbursed for the claim.

Eliminating Risk for Construction Businesses

Eliminating Risk for Construction Businesses

Imagine a world where you could run your business without worrying about anything unexpected coming along to knock you off track. No economic downturns, no new government regulations, no natural disasters, no accidents on site, no nightmare customers, no staffing...

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Guides & Checklists

Simple Risk Management Checklist

Easy Guide to Contract Works Insurance

Quick Insurance Review For Contractors