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Risk Management and Insurance 101 for Building Apprentices

Risk Management and Insurance 101 for Building Apprentices

As an apprentice working for a builder, hopefully on wages and not as a contractor, you have less to worry about than the business owner. But if your plan is to go out on your own one day it pays to have at least a basic understanding of the risks you will need to manage, and what sort of insurance package you might need.

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.

Videos

Guides & Checklists

Simple Risk Management Checklist

Easy Guide to Contract Works Insurance

Quick Insurance Review For Contractors