Construction
Building an insurance solution that protects your business
The construction sector faces a challenging insurance environment, requiring a robust and rigorous approach to ensure optimum coverage. We are proactive in assessing our client’s risk strategy, building on strong market relationships and knowledge across residential, commercial, industrial and civil construction industries.
- The industry is facing challenges, with the last insurer providing PI cover free from exclusions pulling out in June 2019. This leaves architects, fire engineers, building surveyors and other specialist who require this insurance to practice their profession at risk.
- The construction industry is experiencing a rough period with recent declines in residential, apartments and commercial construction work.
- Technology is becoming a large part of the construction industry with BIM/CAD being the most popular technology currently used in the industry (33%), followed by pre-fabricated parts (29%) and digital project management tools (25%). It is important to ensure your insurance coverage reflects this.
Are you covered?
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Statutory Liability
Covers the costs and expenses incurred by official investigations or inquiries against your business as a result of innocent breaches of various Acts of Parliament.
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PI Design & Construct
Protection against legal costs and expenses arising from acts, omissions or breaches out of or from actual or alleged breach of Professional duty, in connection with the Insured's Professional Business.
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Pollution Liability
Covers third parties from pollution caused by your business’s activities including personal injury and property damage. Coverage can include clean-up to remove hazardous substances and restoring properties to usable condition.
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Marine Transit Insurance
Cover for loss or damage to goods, machinery and equipment in transit from overseas or within Australia.
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Consequential Loss/Delay in Start-Up
Covers the risk of financial loss incurred past the original scheduled completion date due when the delay is caused by physical loss or damage to the project.
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Structural Defects Liability
Provides cover to the licensed commercial builders for their legal accountability in reference to structural defects occurring in a building they have completed.
News & Insights
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Wed 20 Oct, 2021
Global Shipping Crisis & Supply Chain Disruption | How Insurance Can Help
Significant delays in the movement of goods due to the closure of ports, redirection of shipping routes, coupled with a surge in consumer spending are impacting whole industries across the...
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Wed 13 Oct, 2021
Market Update: Q1 FY22
Discover our forecast of insurance trends and business implications in the quarter ahead across the following sectors: CORPORATE FINANCIAL LINES STRATA & REAL ESTATE BRIC CONSTRUCTION...
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Thu 24 Jun, 2021
Avoiding renovation nightmares: What builders & property owners need to know about uninsured losses
In my role advising commercial and residential builders and construction professionals, I am frequently asked “what insurance do our clients need to have in place?” While my response varies, broadly...
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Mon 12 Oct, 2020
Construction in Decline: Insurance Implications for Industry
For the first time since 2017, the global construction industry outlook has shifted into decline in the wake of COVID-19. National construction activity is following a similar trajectory, after a...
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Thu 08 Oct, 2020
Honan launches New Extended Mechanical Warranty Policy
Working with Plant & Equipment (P&E) partner, Heavy Machinery Warranty, and underwritten by Lloyds of London, the policy is a new introduction to the Australian market. Unlike alternative P&E warranty...
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Mon 16 Mar, 2020
COVID-19: Business Interruption, Contingency and Workplace Risk
On 30 January 2020, the World Health Organisation declared the Coronavirus outbreak a Public Health Emergency of International Concern. We sympathise with everyone who has been impacted by the virus and...
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Wed 17 Jul, 2019
Bill shocks ahead for construction sector
A senior insurance figure has warned of impending difficulties for businesses operating in the construction sector, saying cover will likely become harder and more costly to obtain. Adam Richardson, construction...
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Wed 26 Jun, 2019
Changes in legislation needed to fix the NSW construction industry
SYDNEY, AUSTRALIA. Déjà vu? Once again, another Sydney apartment block has been evacuated due to observed structural cracking in the building’s underground car park. Mascot Towers, a 131-unit complex at...
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Mon 09 Nov, 2015
National Insurance Brokers Association (NIBA)
Since 1988 Honan Insurance Group has been a member of the National Insurance Brokers Association (NIBA), an organisation which represents the interests of the insurance broking sector in Australia. NIBA...
What our clients have to say
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Moving our account to the Honan Insurance Group was one of our most prudent business decisions. Honan do what other brokers haven’t been able to in terms of service and claims management and I highly recommend them to any business
Matthew VaughanDirectorVAUGHAN CONSTRUCTIONS PTY LTD -
Moving our account to the Honan Insurance Group was one of our most prudent business decisions.
Honan do what other brokers haven’t been able to in terms of service and claims management and I highly
recommend them to any business.Matthew VaughanDirectorVAUGHAN CONSTRUCTIONS PTY LTD
