Liability and Tools Insurance
A Public and Products Liability policy will pay damages and / or compensation that the Insured is legally obligated to pay in regard to third party personal injury (including death) and third party property damage losses which occurred during the period of the insurance. The policy will also provide cover for defence costs and/ or other related expenses.
In the event of a claim the Insured will be required to pay a policy excess / deductible. This will be a set amount which forms part of the policy terms and conditions. There may be a range of policy excesses applying to different types of losses. In particular Insurers usually have minimum excess requirements in regard to claims which eventuate from injury to workers on site. These minimum excesses may be higher than the excess for other claims on the policy.
All insured parties and in cases where the insured is working on a construction site, all parties to the contract / project are exposed to claims being made against them.
All parties to the contract including the Principal, Head Contractor, Project Manager, Construction Managers and all Contractors and Subcontractors of every tier are exposed, hence it is appropriate that all parties to the contract arranged their liability policy.