Contract Works

Our Contract Works insurance can be written in three ways:

1. Single project

• Each project issued with an individually underwritten and rated policy

2. Annual turnover

• All projects automatically covered up to pre-agreed limits
• Deposit premium based on estimated turnover
• Premium adjusted at year end after a declaration of actual work is submitted
• Projects outside the pre-agreed limits are declared and rated individually as and when they arise

3. Declaration

Terms are pre-agreed and projects declared and rated as and when they arise. Declaration policies provide your construction clients with three main advantages over “turnover” policies:

• Premiums can be paid out of the customer deposits received for each individual project
• Accurate insurance quotes for individual projects can be built back into each project’s budget
• Fire Service Levy (FSL) calculations are prorated to the contract period

Please contact Lumley Construction & Engineering to discuss which option best suits your client’s individual needs. Phone (09) 308 1100 or email engineering@lumley.co.nz.