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INSURANCE OF PROPERTY EXPOSURES : CONSTRUCTION INSURANCE (SUM INSURED…
INSURANCE OF PROPERTY EXPOSURES :
CONSTRUCTION INSURANCE
SUM INSURED
The tenure of the project
Sum insured
Voluntary excess opted by policyholder
basis of the tenure of the project
CLAUSE
NDEMNITY CLAUSES
EXCLUSION CLAUSES
LIMITATION CLAUSES
General Exclusions And Exclusions For Material Damage Cover
General Exclusions
invasion
civil war
insurrection
military
civil commotion
Municipal or Local Authority
Exclusions For Material Damage Cover
Materials used during construction that are directly or indirectly involved
Insured can not claim for this material damage for some case
SCOPE OF COVER
INSURED PERIL
-FIRE
-EXPLOSION
-THEFT
PARTIES TO CONSTRUCTION CONTRACT
CONTRACTORS
In the Master –Servant Relationship
SECTION 1
MATERIAL DAMAGE COVER
EXCLUSIONS TO SECTION – I
1.Loss discovered only at the time of taking an inventory
Normal wear and tear-due to atmospheric conditions
Loss or damage due to faulty design
4) The cost for rcorrection of any error during construction
5) Loss of or damage to files
6) Any damage or penalties on account of the Insured's non-fulfillment
SECTION 2
THIRD PARTY LIABILITY
.
EXCLUSIONS TO SECTION II
1.The Excess stated in the Schedule to be borne by the Insured
in any one occurrence related to property damage.
Expenditure incurred in doing or redoing or making good or repairing or replacing anything covered.
LIMITS INDEMNITY SECTION II•Not exceeding the amounts specified in the Schedule against such sums which the Insured shall become legally liable to pay as damages consequent upon.
a) accidental bodily injury to or illness of third parties (whether fatal or not) - unlimited