Owner Builder & Single Project Insurance
Residential Construction Site

Owner Builder & Single Project
Contract Works Insurance

Fast, project-specific insurance for owner builders, renovators, and one-off developments. We cover the build, the materials, and your liability.

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Australian Owned
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Trusted Construction Insurers We Work With

ATC Chase Hutch Mecon Pen Scope SURA Epsilon Liberty 360 UW
ATC Chase Hutch Mecon Pen Scope SURA Epsilon Liberty 360 UW
What Is Single Project Insurance
Residential timber house frame under construction

What Is Single Project Contract Works Insurance?

The Quick Definition

Single Project Contract Works Insurance is designed to cover physical loss or damage to a construction project, together with Public Liability, for one defined site and period of works.

Unlike annual policies, it applies only to the nominated project and typically runs from policy inception during construction through to practical completion, as defined by the policy terms.

This type of cover is commonly required by lenders and is widely used for:

  • Owner Builders

    Managing their own residential build.

  • Renovations

    Extensions involving structural works.

  • Small Developers

    Completing a one-off project such as a duplex or townhouse.

Why Is This Cover Important
Risk Warning

Why Is This Cover Important?

Many people assume their existing Home & Contents insurance will continue to protect them. In practice, this is often not the case.

Once significant construction begins (particularly where there are structural changes, roof removal, or a material increase in project value), most home policies apply exclusions or limitations that remove cover during the build.

Damage to the Works

Events such as fire, storm, theft, or vandalism can result in substantial financial loss if materials or partially completed works need to be rebuilt.

Exposure of Existing Structures

During renovations, the original building is often left exposed. Existing Structures cover can be arranged to help protect the pre-existing property while works are underway.

Public Liability Exposure

Construction sites present increased risk. If a third party is injured or property is damaged in connection with the works, you may be personally liable.

What Is Covered

What Is Typically Covered?

At Tank Insurance, we arrange cover through established Australian insurers and underwriting agencies, selecting terms that suit the specific risks of your project.

Core Cover

  • Material Damage

    Loss or damage to contract works caused by insured events such as fire, storm, theft, vandalism, and malicious damage. Some perils, including flood, are subject to insurer acceptance.

  • Public Liability

    Cover for legal liability to third parties for personal injury or property damage arising out of the insured works, commonly available with limits of $5M, $10M, or $20M.

  • Removal of Debris

    Costs associated with clearing insured debris following a claimable event, usually within policy sub-limits.

  • Professional Fees

    Reasonable architects’, engineers’, or surveyors’ fees required to reinstate insured damage, where covered under the policy.

Optional Extensions

  • Existing Structures

    Cover for the existing home or building during renovations. Standard policies often exclude this, leaving your primary asset exposed during the build.

  • Tools & Equipment

    Coverage for plant, machinery, and tools left on site or in transit. Essential if you own expensive equipment that stays at the project.

  • Maintenance Period

    Extended cover for loss or damage occurring during the defects liability or maintenance period after practical completion.

Availability and scope of cover are subject to specific policy terms, conditions, limits, and exclusions. Please refer to the Product Disclosure Statement (PDS) or policy wording.

How Much Does It Cost?

How Much Does Owner Builder Contract Works Insurance Cost?

Premiums are calculated based on specific risk factors. Understanding these can help you estimate your budget.

Total Project Value

Materials, labour & profit.

Location & Type

Construction method & postcode.

Duration of Works

How long the policy needs to run.

Site Risks

Site conditions & surrounding exposures.

As a general guide:

Smaller renovations are often priced based on the limited scope of works and liability exposure to existing property.

New home builds are typically rated as a percentage of the declared construction value (the higher the value, the higher the base premium).

Higher-risk projects, such as those in bushfire-prone areas or involving complex engineering, may attract additional underwriting considerations and loading.

Why Tank - Trust Section
The Broker Advantage

Why Arrange Your Policy Through Tank?

Construction projects move quickly. You don't have time for slow admin, call centres, or policies that don't payout when you need them.

At Tank Insurance, we leverage the buying power of a national network to negotiate better terms, and we provide the personal advocacy you need to get claims paid fast.

Steadfast Group
FAQ & Get Started

Frequently Asked Questions

It may still be possible, but options are more limited once works have commenced. Insurers generally view partially completed projects as higher risk. If construction has started, contact us as soon as possible so we can assess available options.

The policy insures the project and your legal liability as the insured party. Subcontractors are responsible for carrying their own Public Liability insurance. It is good practice to obtain and review their certificates of currency before work begins.

If construction is delayed, policy periods can usually be extended, provided the insurer is notified before the policy expiry date. Allowing cover to lapse during construction can make it difficult to obtain new insurance for an unfinished project.

Ready to Get Started?

If you are planning a build, renovation, or single development and need Contract Works Insurance arranged efficiently, speak with Tank Insurance today.

Get a quote or talk to a specialist before you start building.