Works are the changes and additions that you make to the existing structure of your property. They make your project come alive and become personal to you.
It’s important that all factors and cost of your works are taken into consideration and are correctly calculated. The cost of the contract, professional fees, VAT and debris removal are all elements of your renovation project that need to be included in your insurance claim.
Why is it so important to take all of these steps? To make sure you are fully insured. If you forgot to include all the correct measurements needed on a project worth £300,000, the true reinstatement costs could be as much as £455,000 which would leave you both under-insured and facing a bill of 30% of any loss.
Find out how to calculate the correct sum insured for works and site materials, how to estimate the duration of the contract and risk management.
You will need to consider the following:
What are works?
If the existing structure is the canvas on which your project is based, then the works are the paint which makes that come alive.
Calculating the cost of the works
It is important to correctly assess what the cost of your likely works will be. But this isn’t as easy it sounds.
Duration
Everyone would like to think that the project they’ve planned so carefully will run to time. Our experience suggests that most projects don’t!
Site security
Securing your site against unwanted visitors is an important part of running a project. Deciding how to do that can be more difficult.
Materials
Part of this policy insures materials which are part of the works but which have not yet been used.
Non-ferrous metals
Metals like copper are very attractive to thieves and are still used extensively in building projects. How can we best protect these valuable materials?
Example claims
A claim on the works part of a policy may not necessarily mean a claim on the existing structure. However, quite often the two are linked.
For further information, or for any queries, please don’t hesitate to contact us on 0844 641200.