Over time there is a good chance that at your home or commercial building you may want to renovate or extend, dress things up or make it bigger.
That shouldn’t be an issue should it? Well that depends on the work.
If you are having a repaint done or new carpet laid, not a problem. If however there is anything structural being done or invasive into the structure (think say installation of a new kitchen which requires new plumbing or electrical work) you need to know that this is not covered under your Home Dwelling or Material Damage policy. This includes both the work AND should there be damage caused to the existing property by what is termed contracting perils.
Contracting perils could be such as rain getting into the building which has been left open to the elements, machinery catching fire or even simply the contractor dropping a cigarette butt. We’ve seen claims for all of these and more.
We don’t want to say no when it comes to claims, you don’t want to hear the word no, and if you have a mortgage your bank certainly doesn’t want to hear that word.
What do you do? Simple, you purchase Contract Works Insurance, also known as Contractors All Risks insurance. This is cover for the works that are being carried out and can be extended to include the existing property (which can include contents as well). You need to arrange this BEFORE the contract starts if possible and it can be as easy as picking up the phone and calling your Apex Broker. In most cases we can provide the terms over the phone or with a quick call-back.