Civil engineering and construction insurance
To get the most cost effective and comprehensive civil engineering and construction insurance, it’s best to talk to Crombie Lockwood as early as possible in the project planning phase. That way you’ll know what the risks are with your construction project and how to manage them effectively.
Crombie Lockwood can design construction and civil engineering insurance that addresses all your project risks. This includes:
- Insurance cover for the works and structure during construction.
- A review of the conditions of contract to minimise the risks for all parties.
- Specialist insurance cover for plant and equipment.
Our brokers have many years experience in all areas of civil engineering and construction insurance. Past projects include anything from bridges to tunnels, buildings, dams, sewage outfalls, industrial plants, etc.
We’re conversant with New Zealand Standards and the practices advocated by industry bodies such as the Institute of Architects, Institute of Professional Engineers and Association of Consulting Engineers.
Understanding your construction project and contracts
A key to effective civil engineering and construction insurance is understanding the project. We work with geotechnical and soil engineers, civil and construction engineers to gain a sound understanding of the risks, so we can develop insurance that fits the particular construction project.
Another key aspect is the conditions of contract. We have to be clear on how risks are assigned to the different parties. As principal, you need to understand the risks that fall on you when you retain architects, engineers, quantity surveyors and consultants. It's vital that these risks are understood and addressed very early in the process so that the principal who is funding the project will be adequately protected.
A typical pitfall is that the terms of engagement for consultants working in the New Zealand construction and civil engineering industry often stipulate that their liability is limited to the smallest of five times their fee or $250,000. In addition, they exclude consequential losses! All risks outside of that fall on the principal.
Some risks may not be obvious, so it pays to talk to experts in the field about your construction insurance.
Crombie Lockwood can make sure that you get effective civil engineering and construction insurance for your project. Call Tony Gouldson today on 09 356 1522 to discuss your works and structure insurance.
Important Information The information on this website is only intended to provide a general summary or introduction to a product, offering or service. Any decision to purchase this product should be based on specific advice for your business or personal needs. For further information on this product, offering or service please speak to your broker.