Cyber risk is a growing threat to small business in New Zealand. Here are some tips to minimise your risk as well as a recent claim example from a building company.
See how one customer saved $30,000 from their insurance bill through Builtin’s comprehensive insurance assessment.
Contract works insurance, also known as contractors all risk or builders risk insurance, is designed to protect the construction project from physical loss or damage. This typically includes the work in progress and materials on-site.
Following the leaky homes crisis most public/general liability policies in New Zealand include a Building Defects Exclusion. Read more about that here: Be Aware of the Building Defects Exclusion. Essentially, it excludes claims related to water penetrating the...
Some real Court judgements highlighting the case for construction firms to have statutory liability insurance.
Roofers face unique challenges, from working at heights to dealing with hazardous materials. Here are some of the most common liability insurance claims from roofers, with examples.
For builders, understanding the nuances between “property being worked on” and “property in your care, custody, or control” within their public liability insurance policy can significantly impact their coverage and financial protection.
Understanding the dangers of hot work such as welding, cutting and grinding, and implementing preventive measures is crucial to ensuring safety and avoiding damage.
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.
Three companies working in the construction sector have been sentenced for two separate incidents that each resulted in the tragic death of a young worker.
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.
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?
