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Insurance of Property Exposures: Construction Insurance (Preamble part (1…
Insurance of Property Exposures: Construction Insurance
1.preamble part
insured name
insurer name
Preamble part
1.exclusion
2.period of cover
3.general condition
clauses
construction all risk insurance
exists to insure building :red_flag:
design to protect owners and contractor :red_flag:
3.closing part
the end of the document which set as legal requirement
state the requirement have been meet
sign by two parties involve
scope of cover
cover any sudden and unforeseen physical damage
insured peril
fire :star:
explosion :star:
theft :star:
excluded peril
:checkered_flag:loss or damage due to faulty design
cessation of work :checkered_flag:
:checkered_flag:deductible as mention in policy document
Example
the master is contractor :pencil2:
the servant is subcontractor :pencil2:
construction all risk advantage
construction activities :lock:
surrounding properties :lock:
flexible premium payment :lock:
sum insured :lock:
Section I: Material damage
contract work :red_flag:
free issue materials :red_flag:
construction equipment :red_flag:
professional fees :red_flag:
Insured peril
loss cover by insurance policy :tada:
must be present before company will pay any claim :tada:
Perils covered Contractor's All Risk Insurance
:
earthquake,fire
collapse
human errors
Section 2: Third party liability
person or organization less directly involved
bodily injury
accident losses to the property damage
General exclusions
any exclusion other than material damage and third parties
terrorism damage exclusion warranty
:check:the contrary within this insurance it is agreed
an act of terrorism means an act
resulting from action taken
Exclusion for material damage cover
materials used directly and indirectly
insured can not claim for some case
Exclusion to section I(Material Damage)
loss discovered only at time of taking an inventory
normal wear and tear-due to atmospheric conditions
loss damage to faulty design
Exclusion to section II- Third party liability
insured in any one occurrence related to property damage
expenditure incurred in doing or replacing covered
limit indemnity section I- Material damage
applicable and not exceeding to all the total sum :black_flag:
respect of such loss provide by mode of payment :black_flag:
Limits indemnity Section II-Third Party
not exceeding the amounts specified in schedule
accidental bodily injury to or third parties
Extension period section I-Material damage
items entered in schedule at the site :checkered_flag:
the period of insurance are subject written consent of insurers :checkered_flag:
Extension period section i-Material damage
extra charges for overtime,night work,work on public cover if agreed in writing
fire and allied perils