Contractors/All Risks Insurance
Category:
This policy is specially designed to offer comprehensive protection against loss or damage in respect of contract work, construction plant and equipment and/or construction machinery. In addition the policy may also be extended to provide protection against third party legal liabilities.
Who needs the policy?
- Contractors
- Firms commissioned to carry out the work, including subcontractors
- Project owners
- Parties financing the project
Cover: The perils which will be covered include;
- Fire and Allied Perils
- Flood, Water Damage for Wet Risks
- Collapse
- Faults in erection/ construction
- Human errors, negligence
Cover Exclusion
- War and Nuclear risks
- Willful Act or Willful Negligence of the Insured
- Partial/total cessation of Work
- Defective material or bad workmanship
- Normal wear and tear
- Normal Maintenance
- Loss or damage due to faulty design
- Contractual liabilities
- Consequential losses