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Your policy may exclude the cost of repairing future damage caused by defects in construction which can often be $50k or more.
Post construction and defects liability period, a homeowner contacts the builder to advise of water damage being visible, with water marks appearing on ceiling plaster, below an upstairs bathroom.
Through a waterproofing failure, an entire shower area, subfloor, plastering, painting and insulation had to be replaced costing the builder over $40k.
Many contract works & liability policies completely exclude the cost of repairing future damage caused by defects in construction.
Coverage is available, which excludes the cost of the defect (ie the waterproofing) but covers the damage which has occurred as a result of the defect.
With many Contract Works policies, allowing a small portion of your build to be ‘put into use’ can cease cover altogether.
Close to completion of a residential build, the builder was approached by the homeowner to use the garage as storage, for a few weeks prior to practical completion.
Shortly following agreeing to the request, the nearly complete home was broken into and severely vandalised, resulting in a loss of $120k.
Many contract works policies finish ‘at the earlier of’ several triggers to cease cover, one of which is partial occupancy or being put into use. Even allowing a small portion of your build to be ‘put into use’ can cease cover altogether, as some insurers deem that the project is complete at this stage. With builders being contractually responsible to insure their projects until practical completion, having the wrong policy can mean that you’re not covered when your builds are at their most valuable stage, exposing your business to a significant uninsured loss.
Policies are available that are not prejudiced by partial occupancy or being put into use, ceasing cover at practical completion/handover, which typically aligns with your contracts.
Having the wrong policy could cost you $5k-$12k in the settlement amount for a $30k tools theft claim.
A locked container onsite was broken into, with thieves stealing almost $30k worth of tools.
When cover for tools is selected, and a theft occurs, the actual settlement amounts can vary significantly between insurers. Many policies apply depreciation immediately to tools/plant and equipment, so while you may have paid for $30k worth of tools insurance based upon the replacement value of the tools involved, the end settlement may be well below the cost to replace the stolen items depending on their age. Policies are available that provide 2 years ‘new for old’ insured values for tools, with favourable depreciation figures for items older than 2 years.
Tools theft is by far our most common claim type at MBAIS, and having the wrong policy could cost you $5k-$12k in the settlement amount for a $30k tools theft claim.