We have all witnessed the startling growth in the housing sector after the past 5 years. Nearly everyone has built a new home, moved into a new home or knows someone who has.

The residential property boom has created a great need for insurance cover, which extends much further and can meet the requirements of clients ranging from construction and infrastructure contractors to small suburban builders.

Overall construction and engineering cover includes:

• Contract works – cover for buildings in the course of construction, civil works, machinery erection, construction liability and advance business interruption;
• Machinery breakdown;
• Computer insurance; and
• Residential construction warranty insurance.

Construction Insurance is a must if you own or manage a construction site regardless of the size. Some of the safeguards include protection for you against injury to site workers as long as OH&S standards are still maintained.

Construction insurance also covers materials and machinery on site in the event of an accident, fire or theft. The theft of building materials is becoming commonplace due to their high cost, and this at the very least is a good reason for acquiring construction insurance.

Such insurance protects the property until it is built but does not cover subsequent problems due to faulty workmanship. If more security is required for the construction, then professional indemnity insurance should be taken out in case there are problems with the property or the property causes any injuries