When it comes to planning a new construction project, insurance doesn’t always get the priority it requires, with contractors often wondering whether it is really necessary to take out a contract works policy at all. Very often the contract works policy is arranged at the last minute, or even after the project has already started. All construction work, no matter what size, contains an element of risk. This risk varies from project to project but risks common to most construction projects include: • Natural Disaster – earthquake, flooding, storm • Fire • Theft • Transit • Construction collapse • Defective design, workmanship or materials • Malicious damage to property • Third party liability