The Chase Contract Works products have been carefully considered and developed with a view to achieving market leading coverage for our clients. This is a complex area in the insurance market and the simple inclusion or exclusion of a key word or phrase can have a huge impact on what is covered (or more specifically not covered) under the policy.
Our aim is to ensure all of our clients get access to our best products and our experienced team is passionate in delivering these benefits to our customers. The Chase Underwriting Material Damage Contract Works Policy offers “market leading” breadth of coverage for clients in the broader Construction and Engineering Industry
Our Capacity
Annual and Project risks are insurable with a CAR/EAR capacity of 145M.
Our Appetite
Our risk appetite is broad and includes the following:
- Residential, Commercial & Industrial
- Civil and Infrastructure (including wet)
- Mechanical & Electrical
- Mining Infrastructure and Services
- Specialist Trades (demolition, pre & post tensioning, underpinning etc.)
- Other Trades (roofing, plumbing, pool construction, carpentry etc.).
Product Benefits
Some of the key inclusions of this policy are:
- Broad Insuring Clause which doesn’t include onerous terms such as “unexpected” or “unintended”
- Broad Definition of “Insured” which includes sub contractors of any tier, principals, financiers, architects & consultants (for manual on-site activities) and other parties for whom the Insured is required to insure under contract
- Broad Definition of “Occurrence”
- Broad description of what comprises “Property Insured”
- Broad cover for defective works, design, materials etc. DE4 is standard for building contractors and LEG2 for civil / infrastructure contractors. DE5 and LEG3 cover is available upon request.
- Cover includes damage to property insured arising from corrosion, rust or gradual deterioration (but excluding the part immediately affected)
- Automatic cover for materials in transit anywhere in Australia
- Automatic cover for material stored off site, anywhere in Australia
- Cover includes costs for Search & Locate
- Cover includes costs for rewriting of plans, contracts and documents
- Cover includes costs for preparation of claims
- No coverage limitation for cessation of work
- Permission is given to occupy and operate during the process of works
- Australia wide 24/7 cover for Plant and Equipment
- Reinstatement & Replacement conditions allowed for Plant & Equipment less than 2 years of age
- Policy does not contain onerous exclusions in relation to use of cranes and/or heavy plant (such as operators under the influence of alcohol or drugs, accidental overload, failure to maintain, dual or multi lifts etc.)
- No “average” provisions with regard to works performed
- Claims settlements allow for a reasonable amount for overheads and profit
- Waiver of subrogation is allowed
- Breach of conditions clause
- No ‘reasonable care’ conditions are imposed
- Policy provides an extension for customs and excise duties
- No limitation for excavation, underpinning, demolition etc.
- Period of Risk clause allows for cover up to the time that works are formally accepted by the principal/owner or Period of Insurance expires
- Policy provides an extension for undamaged foundations.
Contact Chase Underwriting
Level 1, 68 Clarke Street, Southbank, VIC 3006
T 03 8866 0700
E info@chaseunderwriting.com.au
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