Silverback Insurance

Most builders have Contract Works and Public Liability insurance.

Not all of them have the right cover.

Here's what we see going wrong — and what to do instead:

✅ DO: Declare the full contract value
Underinsuring is the most common mistake. If you understate the value, your insurer can reduce your payout proportionally. Always insure for the full reinstatement cost.

❌ DON'T: Assume your subbies' Public Liability covers you
Their PL protects them — not you. If an uninsured subbie causes damage or injury on your site, that claim flows back to your policy. Collect a certificate of currency from every sub before they step on site.

✅ DO: Notify your insurer when scope changes
Added a level? Extended the timeline? Changed the contract value? These are material changes. Failing to notify can void your cover entirely.

❌ DON'T: Leave the site unprotected between stages
Contract Works policies often have strict occupation conditions. Gaps in occupation can mean gaps in cover. Know what your policy requires between stages.

✅ DO: Extend cover before the project end date
Cover doesn't automatically extend when a build runs over time. A delay can leave you with an expired policy on an unfinished project. Call your broker before it lapses — not after.

❌ DON'T: Underinsure on reinstatement value
Always insure for the full cost to rebuild from scratch — not market value, not land value. Underinsurance is a claim waiting to hurt you.

One conversation with the right broker can close all six of these gaps. That's what we do at Silverback.

👉 www.silverbackinsurance.com.au
📞 0410 152 835



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General advice only. Does not consider your individual circumstances. Terms, conditions, limits and exclusions apply. Consider the PDS before deciding.
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Australia and NZ Elite Broker Award 2026

Australia and NZ Elite Broker Award 2026