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CONSTRUCTION OF INSURANCE (Section 1: Material Damage Cover (The General…
CONSTRUCTION OF INSURANCE
Section 1: Material Damage Cover
The General Exclusion
Any exclusion other than material damage & 3rd party.
Scope cover: Any unforeseen & sudden physical loss or damage from any cause.
Also specifically excluded to the contract or erection work (Item, property insured) - during period of insurance
Insured Peril
Fire, earthquake, flood, storm, collapse, faults in construction, human errors
Section II: 3rd Party Liability
A third person or organizational less directly involved in a matter than the main people of organizations that involved
i. Bodily Injury or Illness
ii. Accident losses to the property damage to 3rd party
Exclusion to section II
The excess stated in the schedule to be borne by the insured in any 1 occurrence relate to the property of damage
Scope Cover
Covers any sudden & unforeseen physical damage's insured civil project by any cause of peril but not the excluded peril under the policy
Insured Peril: Fire, Explosion & Theft
Exlcuded Peril
i. Loss or damage due to willful misconduct
ii. Loss or damage due to faulty design
iii. Cessation of work partial or total
The Company will not indemnity the insured respect of loss, damage that caused by;
Invasion, Civil warm insurrection, military, civil common municipal or local authority war
Premium
Installment Policy period over 12 month
Construction all Risk Insurance
To protect owners & contractor from the devastating impact of the insured peril to a construction project
Maintenance of Period
Period after completion of a contract during which the contractor required to make good at his own expenses, any work which needs repair
Mode of Payment
Cash Repair Replacement Reinstate
Limits of Indemnity
Section I:
Up to market value
Section II:
Not exceeding the amount specified in the schedule against such sum which the insured shall become legally liable to pay damages consequent upon