EXPERTISE
Construction Cover, Built to Work as One Programme.
Construction risk does not divide neatly into policies. The cover needs to work together and reflect the contract.
Cruden Read designs and places construction insurance programmes around the risk as a whole, using specialist wordings and Australian and London insurance markets.
One policy or the whole programme.
$40M+ in premiums placed annually
Australian + London insurance markets
100% focused on construction, engineering + mining
Backed by ASX 200 AUB Group
90+ years’ collective experience
Contract Works Insurance
Cover for the works themselves, from contract commencement to practical completion.
Contract Works Insurance responds to physical loss or damage to the works during construction. Your wordings can be written annually or project-specific and adapted to your project, contract and parties involved.
- Physical loss or damage to the works
- Offsite storage and inland transit within Australia
- LEG2 or LEG3 defects wording
- Additional cost of working, inflation protection and claims preparation fees
- Cover through the defects liability period in line with the contract
- Definition of Insured covering all parties to the contract
- Nominated loss adjusters
Construction Liability
Cover when construction activities cause injury, damage or loss to someone else.
Construction Liability responds to third party personal injury, property damage and associated defence costs. The detail matters in the exclusions, extensions and writebacks that determine how the policy responds when something goes wrong.
- Completed operations and contractual liabilities
- Non-construction activities, including: Difference in Conditions (DIC), Difference in Limit (DIL) and Difference in Excess (DIE) cover where more specific insurances are in place
- Injury or damage arising from professional services
- Resultant damage from faulty workmanship or materials
- Interference claims where there is no property damage
- Definition of Insured covering all parties to the contract
- Annual or project-specific cover
Professional Indemnity
Cover for the professional responsibility you carry under the contract.
Design and construct contractors, consultants and specialist trades can carry responsibility for design, advice and professional services, including work performed by others. Professional Indemnity responds to claims alleging a breach of professional duty.
Cover can extend across design, advice, construction and project management, surveying, technical specifications, drafting, programming, feasibility studies and inspection.
Delay in Start Up
Cover for the financial consequences when insured damage delays completion.
Physical damage can do more than create a repair bill. When an insured loss pushes back completion, Delay in Start Up can protect the revenue and additional costs tied to the project becoming operational.
Cover can include loss of future revenue, increased costs of working and other financial consequences arising from an insured delay.
Plant & Equipment
Cover for the machinery you own and the machinery you are responsible for.
Plant & Equipment Insurance covers loss or damage to owned plant and hired-in equipment where responsibility has passed to you under a hire agreement or construction contract.
We place it alongside the wider construction programme so responsibility for the equipment does not fall between mismatched policies.
Marine Transit
Cover for plant and materials while they are being transported from overseas.
Where Contract Works covers inland transit within Australia, Marine Transit can cover imported plant and materials before they arrive.
The important part is knowing where responsibility transfers between the supplier, purchaser and construction programme, so there is no unintended gap between policies.
Latent Defects Insurance
Cover for significant building defects that become apparent after completion.
Latent Defects Insurance, also referred to as Decennial Liability Insurance, is designed to protect owners of newly constructed buildings against the cost of rectifying significant defects after project handover.
Cover is intended to respond to defects arising from deficiencies in design, materials or workmanship. This may include:
- Structural elements, such as foundations, footings, floors, walls, columns, beams and roofs
- Waterproofing systems
- The external building envelope and façade
- Fire safety systems
- Mechanical, electrical and plumbing components
- Resulting physical damage arising from an insured inherent defect
- Other critical building elements
One Programme. Different Risks.
No two construction businesses or projects need exactly the same combination of cover. We look at the project, the contract and where responsibility sits, then structure the programme around what is actually required.
That can mean one section of cover or a combination of:
- Contract Works
- Construction Liability
- Professional Indemnity
- Delay in Start Up
- Plant & Equipment
- Environmental Liability
- Marine Transit
- Surety Bonds
- Latent Defects / Decennial Liability
The People Who Answer
Cruden Read was founded in 2018 by Jeremy Read and Leigh Cruden. Drawing on their experience with major international brokerages and some of Australia’s largest and most complex construction accounts, they saw an opportunity to do things differently.
Today, Cruden Read brings together a team of experienced construction insurance specialists, combining deep expertise in construction risk and risk transfer to provide you with direct access to senior staff and exceptional client care.
From the Clients and Brokers We Serve
The Gaps Matter as Much as the Cover.
The right policies are only part of the job. The definitions, exclusions and responsibilities need to line up with each other and with the contract. Bring us in before the market is approached, while there is still time to get the whole programme right.
