When any alteration, renovation or upgrade occurs at your commercial property or home it’s vital to ensure that you have adequate insurance coverage in place.
Depending on your contract and what work is being undertaken, we may have to endorse or arrange alternative or additional coverage.
The majority of insurance policies have policy “sub-limits” of liability in respect of alterations and amendments and it’s crucial to ensure that your project has sufficient levels of coverage.
Discuss your alterations with us to evaluate if your current coverage requires amendments and/or notification, as failing to advise your existing insurer may result in claims being denied or reduced.
Ensure your contractors have the appropriate insurance policies current and in place when undertaking any building renovations or amendments. These could include, but are not limited to Contract Works Insurance; Broadform Liability Insurance; and Marine Insurance & Workcover Insurance.
It’s also prudent to ensure that these coverages are in place, and current, prior to entering into any Contract of Works. Always request copies of the contractors "Certificate of Currencies" to ensure the adequacy and currency of the insurance policies in place and it is wise to have us review these policies so they are able to advise you regarding same.
In some cases, you may request being included, as a "Named Insured" on the contractor’s policy in respect of particular contracts.
Depending on the scope of work, there are many policy extensions that should also be considered and we are best placed to advise you on the appropriate coverage to suit your individual needs.