Principal Supplied Materials – What Builders Need to Know About Insurance Coverage When undertaking construction projects, builders can work with materials that are supplied by the project owner or principal. These Principal Supplied Materials (PSM) can include anything from structural steel and electrical transformers to kitchen cabinetry and appliances. While these materials may not be part of the builder’s contract value, they can pose significant financial risks if not properly insured. Key Definitions Contract Works Insurance: A type of insurance that covers physical loss or damage to ..read more

Insurance Cover for Existing Structures: A Guide for Builders When undertaking construction projects, one of the critical but often overlooked aspects of insurance coverage is Existing Structures on the project site. As a builder, it is essential to understand how these structures are covered under a Contract Works policy, and the responsibilities of both you and the property owner in ensuring adequate protection. Key Definitions Existing Structures: Any buildings or permanent structures already on the project site before construction begins. Contract Works Insurance: A type of insurance th ..read more

Having a robust Contract Works Insurance policy is essential to protect builders and construction professionals against unforeseen risks during the construction process. Whether you’re considering a new policy or already have one in place, understanding the importance of policy parameters and how these policies operate is vital to ensuring adequate coverage for your projects. The Purpose of an Annual Contract Works Insurance Policy The main benefit of an Annual Contract Works Insurance policy is to provide coverage for all projects you undertake throughout the year. This type of policy offers ..read more

When it comes to construction projects, having the right insurance coverage is crucial. For builders and construction professionals, Contract Works Insurance provides vital protection against risks that can arise during the construction process. If you’re considering an annual policy, it’s essential to understand the two main types of coverage available: Turnover (otherwise referred to as ‘Transfer’) and Run-Off policies. Here, we break down what these terms mean and how they impact your cover. What is a Run-Off Policy? A Run-Off policy covers projects from when they start until completion, ev ..read more

Construction projects, regardless of their size, involve significant risks. For builders and construction professionals, ensuring these risks are insured is crucial. Two available options for Contract Works insurance, also known construction insurance, are Single Project and Annual Contract Works policies. In this article, we will explore the differences between these two types of coverage and highlight the potential benefits of choosing an annual policy. What is a Single Project Policy? A Single Project Contract Works Insurance policy is designed to cover one specific construction project. Co ..read more

Does your business use drones? Did you know that if an incident occurs, your business is probably not insured? Drones are increasingly becoming an essential tool for industries like roofing, real estate, and construction. They offer efficiency, accuracy, and unique vantage points for inspections and marketing, but they also come with risks. The catch? Most standard business insurance policies won’t cover those risks. Why? Drones are classified as aircraft. As a result, the liability associated with aircraft is excluded from the majority of general liability policies. Likewise, damage to the dr ..read more

Congratulations to our Director, Daniel Webber, on being named an Elite Broker by Insurance Business Australia in 2024! Now his ninth recognition on this list, this is a fantastic achievement that is reflective of the hard work and commitment of Daniel and the Webber Insurance team. “It’s an honour to be recognised as an Elite Broker for 2024. This acknowledgement speaks volumes about the collective effort and dedication of our entire team, underscoring our commitment to excellence. We’re excited for the year ahead and continuing to provide the highest level of service to both new and existin ..read more

The Australian government, under the leadership of Prime Minister Anthony Albanese, has unveiled its groundbreaking 2023–2030 Australian Cyber Security Strategy action plan, designed to propel the nation towards becoming the world’s most cyber-secure country. About the implementation of a robust cybersecurity framework in safeguarding business and individuals, Webber Insurance Services Managing Director, Chris Webber, says: “It’s an important step to take by the government to protect individuals and small businesses, as well as educating everyone on the risks they face and how to avoid issues ..read more

People and businesses are getting hit harder and more frequently with cyber-related attacks in 2023, and this is only going to increase in the years to come. Ransomware has come roaring back, financial fraud remains a mainstay of the threat economy, and third-party compromise continues to loom large. With any digital risk, the key is recognising that these risks cannot be solved by passive means: Dynamic and evolving cyber risks require an active solution. That’s where Coalition comes in. Who is Coalition? Coalition have recently launched their ‘Active’ Cyber Insurance product into the Austral ..read more

Public Liability Insurance is often a crucial safety net for most businesses. It covers the financial cost of claims made by third parties due to bodily injury or damages incurred on your business premises or in connection with your business operations. Understanding how the Public Liability insurance claims process works when such incidents arise is beneficial. In this guide, we’ll explore the details of Public Liability claims, the role of insurance brokers, and the importance of knowing your rights and responsibilities in this process. Decoding Public Liability Insurance Public Liability In ..read more