Annual Contract Works Insurance
Streamline Your Admin & Secure Your Margin.
For professional construction companies and builders, insuring projects on a "job-by-job" basis is inefficient. It creates administrative drag and leaves you exposed if a project starts before the paperwork is lodged.
Annual Contract Works Insurance provides automatic coverage for all projects you commence during the policy period.
At Tank Insurance, we transition builders of all sizes onto robust annual programmes that scale with your revenue. From local owner-operators to national construction firms.
What is Annual Contract Works Insurance?
Annual Contract Works Insurance is a master policy that covers a construction company for all contracts undertaken within the insurance period (typically 12 months).
Instead of declaring each individual address to the insurer, the policy is based on your estimated annual turnover and the maximum value of any single contract.
Automatic Coverage Activated
Key Features
Automatic Coverage
Every new build, renovation, or fit-out is automatically insured from the moment you break ground.
Turnover Basis
Premiums are calculated on your gross revenue, allowing for cash-flow friendly adjustments.
Seamless Extensions
Often includes Public Liability in the same package, creating a complete protection solution.
Who is this policy for?
You do not need to be a Tier 1 builder to benefit from this structure. We work with businesses of all sizes to reduce their admin burden.
Residential Builders
Whether you build 3 homes a year or 300.
Commercial Companies
Managing fit-outs, refurbishments, or new commercial builds.
Civil Contractors
Where individual job notifications are impractical.
Multi-State Builders
Companies operating across borders who need a single policy.
Why switch?
If you are juggling multiple certificates of currency and worrying about forgetting to insure a new job, you are ready for an annual policy.
In-House Claims Advocacy
When a site is damaged by fire, storm, or theft, you don't have time to sit in a call queue with a generic insurer. At Tank Insurance, we manage claims in-house. We don't just lodge the paperwork; we advocate for you.
1. Direct Contact
You report the incident to us, not a call centre. We collect all the details upfront.
2. Strategy
We review your policy and the damage to position the claim correctly from day one.
3. Insurer Negotiation
We deal with the underwriting agency or insurer directly to push the claim through.
4. Settlement
We fight to get you paid quickly so you can get back to building.
How "Turnover Basis" Premiums Work
One of the most common questions we get is: "How do I pay for insurance if I don't know exactly how many jobs I'll win this year?"
The pricing model is flexible and works in two stages, ensuring you only pay for the work you actually do.
The Deposit Premium
At the start of the policy period, we work with you to estimate your Projected Annual Turnover for the upcoming 12 months. The insurer charges a "Deposit Premium" based on this estimate.
The Year-End Adjustment
At the end of the policy period, you declare your Actual Turnover.
- If you did more work: You pay an additional premium on the difference.
- If you did less work: Many insurers offer a partial refund.
National & Multi-State Coverage
Construction licensing and insurance requirements vary between states (e.g., HBCF in NSW vs QBCC in Queensland). We obtain policies that travel with you.
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Geographic Flexibility
We can cover projects across all Australian states and territories under one policy.
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Simple Declarations
We simply need to understand your turnover breakdown by state to ensure the insurer applies the correct state taxes and levies.
Frequently Asked Questions
Yes. Unlike some single-project policies that require a signed building contract, an Annual Policy can cover speculative builds (spec homes) developed by your entity, provided the value is included in your turnover declaration.
Your policy will have a "Maximum Any One Contract" limit. If you win a tender that exceeds this limit, contact Tank Insurance immediately. We can usually arrange a "Specific Contract Extension" for that job, or negotiate an increase in your overall policy limit.
When you switch to a new Annual Policy, it covers new projects started after the inception date. Projects you have already started generally stay with your previous insurer until they are finished (Run-Off). In some cases, we can negotiate to transfer everything to the new policy, but this requires a detailed review of your works in progress.
Ready to simplify your insurance?
Get a comprehensive quote for Annual Contract Works coverage today.