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Contract Works All Risks (Insurance)

Contract Works All Risks (Insurance) Template for New Zealand

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Key Requirements PROMPT example:

Contract Works All Risks (Insurance)

"I need a Contract Works All Risks Insurance policy for a NZD 50 million commercial building project in Wellington, with coverage for earthquake risks and professional fees, starting March 2025 with an 18-month construction period."

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Document background
The Contract Works All Risks (Insurance) policy is a specialized insurance document essential for construction projects in New Zealand. It is typically required when undertaking significant construction, renovation, or infrastructure projects where multiple parties need protection against potential risks and losses during construction. The policy provides comprehensive coverage for physical damage to works in progress, materials, and equipment on site, while also addressing third-party liabilities and other project-specific risks. Operating under New Zealand law, it incorporates relevant legislative requirements and industry standards, making it a crucial risk management tool for construction projects. The document is particularly important for projects where lenders require insurance coverage as a condition of financing, and where multiple stakeholders need assurance of protection throughout the construction phase.
Suggested Sections

1. Parties: Identification of the insurer, policyholder, and any additional insured parties

2. Background: Context of the insurance arrangement and the construction project being insured

3. Definitions: Detailed definitions of key terms used throughout the policy

4. Insuring Agreement: Core statement of coverage and fundamental terms of the insurance contract

5. Period of Insurance: Specification of policy duration, including construction period and maintenance period

6. Scope of Cover: Detailed description of what risks and properties are covered under the policy

7. Sum Insured: Statement of insurance limits and sub-limits for different aspects of coverage

8. General Exclusions: List of risks and circumstances explicitly excluded from coverage

9. General Conditions: Standard policy conditions including premium payment, policy cancellation, and general obligations

10. Claims Conditions: Procedures and requirements for making and processing claims

11. Notification Requirements: Timeframes and procedures for notifying the insurer of incidents or claims

12. Governing Law and Jurisdiction: Specification of New Zealand law as governing law and relevant jurisdiction

Optional Sections

1. Terrorism Coverage: Optional extension for terrorism-related risks, used when specifically requested

2. Natural Disaster Extension: Additional coverage for specific natural disasters, relevant in high-risk areas

3. Professional Fees Coverage: Coverage for professional fees incurred in reinstating damaged property, used for larger projects

4. Existing Structures Coverage: Coverage for existing structures during renovation or extension works

5. Transit Coverage: Coverage for materials during transit to construction site, used when significant materials transportation is involved

6. Delayed Start-up Coverage: Coverage for financial losses due to delayed project completion, relevant for time-sensitive projects

7. Third Party Liability Extension: Additional liability coverage beyond standard provisions, used when enhanced liability protection is needed

8. Defective Design Coverage: Extended coverage for losses arising from design defects, used for design-build projects

Suggested Schedules

1. Schedule 1: Project Details: Specific details of the construction project including location, nature of works, and contract value

2. Schedule 2: Premium Schedule: Details of premium calculations, payment terms, and any adjustments

3. Schedule 3: Insured Property: Detailed listing of property covered under the policy

4. Schedule 4: Sub-limits and Deductibles: Breakdown of coverage sub-limits and applicable deductibles for different types of claims

5. Schedule 5: Named Insureds: Complete list of all parties covered under the policy including contractors and subcontractors

6. Appendix A: Risk Management Requirements: Specific risk management and safety measures required by the insurer

7. Appendix B: Claims Procedures: Detailed procedures and forms for claims submission and processing

8. Appendix C: Technical Specifications: Technical details of construction methods and materials relevant to the insurance coverage

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions














































Clauses









































Relevant Industries

Construction

Engineering

Property Development

Infrastructure

Commercial Real Estate

Insurance

Mining

Energy

Public Works

Industrial Development

Relevant Teams

Legal

Risk Management

Operations

Construction

Insurance

Finance

Procurement

Compliance

Project Management

Claims

Relevant Roles

Construction Manager

Risk Manager

Insurance Broker

Project Manager

Contract Administrator

Claims Manager

Site Manager

Construction Director

Insurance Underwriter

Quantity Surveyor

Chief Financial Officer

Legal Counsel

Development Manager

Operations Manager

Procurement Manager

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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