SINGLE PROJECT VS ANNUAL
Project-Specific vs Annual Contract Works Insurance
One build or a steady pipeline? Project-specific cover is rated on a single named job. Annual cover sits across every project you run in the year. Here's how to choose the right one.
THE SHORT ANSWER
If you have one job on the books, project-specific cover is the right call - you pay for the single build and nothing more. If you run two or more jobs a year, an annual policy is usually better value and covers every project automatically.
Owner-builders and one-off renovations almost always sit on project-specific cover. Ongoing and multi-project builders are better off with an annual policy, which also closes the gap where a job starts before a single-project policy is in place. Not sure which side you fall on? Tell us about the work and we'll point you to the right structure.
CHOOSE SINGLE PROJECT
When Project-Specific Cover Makes Sense
Single-project cover suits a one-off build where there's no ongoing run of work to insure. These are the situations where it's the natural fit.
A Single One-Off Build
You have one job on the books and no firm plans for another in the next twelve months. A project-specific policy covers that single named build from start to handover, and nothing you don't need.
Owner-Builders
Building or renovating your own home under an owner-builder permit. There's no ongoing trading turnover to rate an annual policy against, so cover named for the one project is the natural fit.
A One-Time Renovation or Extension
A major renovation, extension or knock-down rebuild that you'll do once. The works can be insured on their own contract value and expected duration rather than rolled into a turnover-based annual policy.
Cover Named for the Contract or Financier
A head contract or a construction loan that requires the policy to name a specific project, principal or financier. A project-specific policy is written around that one job, which makes it straightforward to match the named-interest requirement.
Contractors Who Don't Build Regularly
Trades and contractors who take on the occasional build rather than a steady run of projects. If a job comes up only now and then, paying per project is usually more sensible than carrying an annual policy.
CHOOSE ANNUAL
When an Annual Policy Is Better
Once you're running more than one job, an annual policy usually wins on value and admin. It also removes the timing risk that catches out single-project builders.
Two or More Projects a Year
Once you're running two or more jobs in a twelve-month period, an annual policy is usually better value than buying single-project cover each time. It's rated on declared turnover and covers each project within the period.
Multiple Concurrent Jobs
Several builds running at the same time. An annual policy covers every project up to a stated maximum contract value, so you're not juggling a separate placement and a separate expiry date for each site.
Ongoing Builders
Licensed builders with a steady pipeline. Annual cover sits across the whole book of work and renews each year, which suits a business that's always got something on the go.
Removes the Gap-in-Cover Risk
Because each new project is picked up automatically within the period, there's no window where a job starts before a policy is in place. That's the trap that turns into a hard-to-place started works problem - and an annual policy closes it.
How the two are rated: a project-specific policy is priced on the total contract value of one build and how long it will take, and it covers that single named project. An annual policy is priced on your declared turnover and covers every project you run in the period, up to a stated maximum contract value. As a rule of thumb, a single project typically runs around $3,000 to $10,700 depending on project value, while annual cover starts from roughly $3,400 for a small builder and reaches the $8,600 to $34,000 range for commercial-tier builders. For the full breakdown, see our contract works insurance cost guide, or read more about how annual policies cover every job automatically.
Market Access
Our Construction Insurer Panel
Whether you need cover for a single named project or an annual policy across your whole book, we speak directly to Australia's specialist construction underwriters to find the right home for your risk.
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PROJECT-SPECIFIC VS ANNUAL FAQS
Common Questions on Single-Project vs Annual Cover
RELATED COVER & GUIDES
More on Contract Works
Not sure whether a single-project or annual policy fits your work? Call us and we'll point you to the right structure.
Talk to a Specialist Broker →QUOTE REQUEST
One job or many? Tell us about the work.
Share the project (or your pipeline), the contract value, and the expected build duration. We'll work out whether project-specific or annual cover fits, and take it to the specialist construction markets.
Get the Right Contract Works Structure
Send us the details of your build or your pipeline and we'll match you to project-specific or annual cover, then approach the specialist construction market for terms.