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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.
Should I claim on public liability or contract works insurance?
It’s not uncommon for accidental damage to potentially be covered under both contract works and liability insurance. Generally, this comes up when a sub-contractor has caused damage to other parts of the work in progress. Which policy should the claim be made on?
Is Planning for Nothing to Go Wrong a Good Business Strategy? Plus, Our Risk Minimisation Checklist for Construction Professionals
Hoping for nothing to go wrong is a common strategy used by many unsuccessful businesses. A more effective strategy used by successful business owners is planning for nothing to go wrong. We’ve developed a checklist to help construction professionals plan for nothing to go wrong in their business.
The Difference Between Defective Workmanship and Property Being Worked On Cover in Public/General/Broadform Liability Insurance
Insurers in New Zealand have different approaches to the way they cover issues of faulty workmanship. This is particularly relevant for contractors that commonly work on or around other people’s property. Which cover is the right one depends on the type of work you’re doing.
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...
Emerging Legal Trends Affecting Construction
The outcome of legal cases is one of the most common ways that the risk profile of any industry can change. Being aware of the implications of Court decisions on your industry and business is an effective risk management practice. The same applies to new legislation...
Do you have the right insurance as a landscaper?
Managing risk as a landscaper is about more than just having the right insurance. You need to have a good risk assessment process and make sure you appropriately manage the risks that are identified.
Are cracks in the neighbour’s property your problem?
The operation of heavy machinery on a building site can cause vibration at nearby properties, with neighbours subsequently looking for and finding cracks in their property. That doesn’t mean that you are responsible for those cracks. This article explains why.
FAQs from ITM’s 2023 LBP Training Days
We answer the questions: what is the Building Defects Exclusion; when should I have contract works insurance; do I need to have both public liability and contract works insurance; are sub-contractors covered by contract works insurance?