CONTRACTORS ALL RISKS INSURANCE

Scope of Cover

The Policy covers works over a pre-determined area called a "The Work Site" and all damage which could effect the property comprising of any future construction. This type of insurance is a "Damage Policy" aimed at indemnifying the insured party(parties) against any damage which might effect the property insured during that period of insurance. The proposer usually requires the Third Party Liability to be included and a limit (usually stipulated in the Building Contract) is selected by the policy holder.

Definitions

Insured Party (parties)- All the intervening parties in the contract namely;

• The Owner or Principal
• The Main Contractor
• The Sub-Contractors

Third Parties- Any other person other than those related to or working for the above;

Property Insured-

• All work performed under the contracts whether they are prepatory, provisional or final including all the material & equipment involved. 
•  It also cover provisional installations such as barracks, warehouses and site offices etc. 
• Plant machinery & equipment 
• Removal of Debris 
•  Professional Fees

Perils Covered

• Natural - Fire, Lightning, Water Damage, Flood, Storm & Tempest subsidence, Landslide, Cyclone, Hurricane, Earthquake and Volcanic Eruption. 
• Social - Burglary & Theft 
• Chemical - Explosion, spontaneous combustion, heating and fermentation 
• Miscellaneous - Impact & Aircraft Damage 
• Others - Accidental damage e.g collapse due to faulty handling, collision, consequence of defective materials, casting, defective workmanship.

For further information about this product, please contact our nearest branch and our customer service staff will assist you.