Contractors All Risks Insurance
This insurance provides for loss or damage from insured perils e.g. fire, water, storm, impact and internal defects that may occur during the course of construction of buildings, roads, bridges, dams, and other like infrastructure against loss or damage in respect to the contract works, construction plant and equipment and or construction machinery as well as against third party claims in respect to property damage or bodily injury arising in connection with the execution of the contract.
The period covered commences at the time of delivery of materials to the contract site, while the work is in progress and during the subsequent maintenance period when the work is handed over to the principal.
During the construction period, the contract works cover provides for various risks based on the contract requirements, that is, fire and lightning, accidental damage during construction, water damage, floods, storm or tempest, collapse, collision, impact, aircraft, burglary, theft and malicious damage, damage due to defects in materials, design or workmanship and riots, strikes, landslide and earthquake. Noteworthy is that the Contractors All Risks is not limited to specific perils as most perils are covered unless specifically excluded. The insured contractor constantly monitors the contract price (Sum Insured) during the policy period in line with inflation costs to march with replacement costs in case of destruction.
Erection All Risks
Ordinarily, the manufacturer or supplier is solely responsible for any loss or damage while they are installing, testing and commissioning of machinery until handing over to the owner.
This Erection All Risks insurance offers comprehensive and adequate protection against all the risks involved in the erection of machinery, plant and steel structures of any kind as well third party claims in respect of property damage or bodily injury arising from execution of the project. The sum insured (contract price) is the machinery’s new replacement value which includes freight, custom dues, erection and testing costs.
Commercial Property Insurance
This is a policy covering various risks faced by property owners. It covers loss or damage to property, bodily injury by accident or disease sustained by employees in the course of employment; legal liability under common law for damages and claimants costs related to bodily injury by accident or disease and directly related to negligence or breach of common law; and third party liabilities incurred.
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