Contractor’s All Risks InsuranceOctober 18, 2020 2020-11-12 18:31
Contractor’s All Risks Insurance
Contractor's All Risks Insurance
This section provides coverage for losses on materials and contract works from a variety of risks such as:
- Accidental damage during construction
- Fire, lightning
- Water damage, flood, storm and tempest
- Collapse, collision, impact, burglary, theft and malicious damage, aircraft
- Breakdown or explosion to any part of the contract e.g. Lifts in buildings etc.
- Consequent damages due to defects in material casting, workmanship and design
- Riot, strike, subsidence, landslide, cyclone, hurricane, earthquake, volcanic eruptions.
This section provides indemnity to third party due to the Legal liability of the insured resulting from negligence of the insured up to an agreed limit(s) for:
- Accidental bodily injury &/or death to third parties
- Accidental damage to property (excluding property belonging to or in the custody or under the control of the insured, and legal expenses for defending any proceedings with company’s consent.
Maintenance Period Cover protects the insured against any loss &/or damage that occurs in the course of the compliance with the maintenance obligation under the contract, subject to the cause of such loss or damage having originated during the period of insurance.
The premium is calculated on the basis of contract value, period of contract, value of Construction Plant & Machinery, nature and type of project, previous loss history of the contractor and the experience of the contractors in similar type of projects.