{"id":3819,"date":"2020-10-30T12:37:54","date_gmt":"2020-10-30T01:37:54","guid":{"rendered":"https:\/\/www.www.covertradie.com.au\/?p=3819"},"modified":"2020-11-12T10:27:06","modified_gmt":"2020-11-11T23:27:06","slug":"contract-works-insurance-explained","status":"publish","type":"post","link":"https:\/\/www.covertradie.com.au\/contract-works-insurance-explained\/","title":{"rendered":"Contract Works Insurance Explained"},"content":{"rendered":"
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\n\t\t\tThis is post 1 of 3 in the series “Contract Works Insurance”<\/em>\t\t<\/p>\n\t\t\t<\/label>\n\n\t\t\t

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  1. Contract Works Insurance Explained<\/span><\/li>\n\t\t\t\t\t\t\t\t\t
  2. Who needs Contract Works Insurance?<\/a><\/li>\n\t\t\t\t\t\t\t\t\t
  3. Contract Works Insurance – What Does It Cover?<\/a><\/li>\n\t\t\t\t\t\t\t<\/ol>\n\t\t<\/div>\n\t<\/div>\n\n

    <\/span>We reckon at least 90% of Builders & Tradies (new or experienced) have not been explained the details of their Contract Works Insurance by their broker.<\/span><\/h2>\n\n\n\n

    This creates a problem because, if you don’t understand something properly, how can you make good decisions.If you also happen to be dealing with an inexperienced broker who may not have deep understanding, the risk of setting a wrong policy gets higher.<\/p>\n\n\n\n

    At CoverTradie<\/strong>, in these series of articles we try to explain this critical insurance so that you can understand it better and make an informed purchase decision that helps you get the right cover at good prices. Let’s start with the basic question:<\/p>\n\n\n\n

    <\/span>What is Contract Works Insurance<\/a>?<\/span><\/h2>\n\n\n\n

    Contract Works Insurance protects you against loss or damage to your construction projects due to certain events.<\/p>\n\n\n\n

    You might wonder, what are these “Events?”<\/p>\n\n\n\n

    These events (known as indemnifiable events) are usually defined as “A sudden, unforeseen and unintended physical loss of or damage resulting from any cause that is not excluded by the policy”. <\/p>\n\n\n\n

    In the past, the coverage of these policies was no more than covering the “acts of god”, storm, fire etc. Now days, the coverage of Contract Works Insurance is more of an “accidental damage” nature. So what does it mean?<\/p>\n\n\n\n

    <\/span>Contract Works Insurance : What does it Cover?<\/span><\/h2>\n\n\n\n

    Contract Works Insurance has 2 sections:<\/p>\n\n\n\n