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Contract works insurance (also known as construction all risks or CAR insurance) covers a construction project against physical damage while it is being built — including fire, storm, accidental damage, vandalism, and theft of materials. It protects the builder and owner's financial interest in the works before practical completion.
In most residential building contracts (such as Master Builders or HIA standard contracts), the builder is responsible for arranging contract works insurance for the project. On large commercial or civil projects, the principal (owner or developer) typically takes out an 'owner-controlled' or 'principal-arranged' policy. Always check your contract to confirm who bears the insurance obligation — uninsured gaps can be disputed if damage occurs.
The policy covers the period from commencement of works until practical completion — plus a defects liability period (typically 12 months) where the builder returns to fix any defects. Annual policies are available for builders who work on multiple projects throughout the year and are more cost-effective than individual project policies. The sum insured must reflect the full contract value including labour and materials.
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