Like the Commercial Combined policy, a Contractors Combined policy is a selection of insurance products packaged together to form one single insurance contract however, in this case, the Contractors Combined policy would be tailored more towards industries that are the main, or overall, contractor of a project such as house builders or a joinery contractor.
This type of insurance is particularly important as usually, until a contract is completed and handed over, the contractors are responsible for all work and materials. For example, if you’re building a house then you would, in most cases, be responsible for everything until you complete the job & hand it back over to the owner. If a fire was to break out which resulted in the whole building, including whatever was inside, burning down then it would be your responsibility to replace everything and complete the job. This type of Insurance product offers an insurance which would provide this level of cover.
The difference between a Commercial Combined and a Contractors Combined is not only the type of business’ they’re for but also the covers you can obtain. You can still package together the standard covers you would usually get under a Commercial Combined (such as Property Damage, Liability etc) but, under a Contractors Combined, you can also have the following additional covers:
- Contract Works
- Own Plant
- Hired in Plant
- Business Tools
- Motor Trade