As in all businesses, there are various risks associated during the construction work period and the maintenance period that follows.
Contractor’s All Risks Insurance provides adequate protection against losses or damages with respect to:
> Contract works
> Construction plants and equipment
> Bodily injury or material damage to third parties resulting from the execution of a building project.
Section 1: Physical Loss or Damage
Covers loss or damage to contract works, materials or items being used in the contract works from:
Fire and lightning
Flood, storm and tempest
Cyclone and hurricane
Breakdown or explosion to any part of the contract
Consequent Damages due to defects in material casting, workmanship and design
Strikes, Riot and Civil Commotions
Section 2: Third Party Legal Liability
This section covers your liability towards third parties arising due to negligence:
Compensation for accidental death or bodily injury.
Damage to or loss of property excluding property belonging to or in the care, custody and control of the insured
Including legal costs incurred subject to the prior consent of the insurer.