Please enable JavaScript.
Coggle requires JavaScript to display documents.
CONSTRUCTION INSURANCE POLICY (MODE OF PAYMENT (Cash, Reinstate,…
CONSTRUCTION INSURANCE POLICY
Construction All Risk Insurance
Designed to protect owners and contractors from the devastating impact of the insured peril to a construction project.
Exists to insure buildings or projects under construction against the costs of repair or replacement in the event of an accident.
Scope Of Cover
Covers any sudden and unforeseen physical damage to the insured civil project by any cause or peril but NOT the excluded peril under the policy
INSURED PERIL
Fire
Explosion
Theft
EXCLUDED PERILS
Events are not covered under the policy
Loss or damage due to willfulmisconduct
Loss or damage due to faulty design
Cessation of work, partial or total
Deductible as mentioned in the policy document.
PARTIES TO CONSTRUCTION CONTRACT
Contractors
In the Master –Servant Relationship
-If there are any damages to the building caused by the servant, master is answerable for any wrongful act of his servant.
SECTION 2
Third Party Liability
SECTION 1
Material Damage Cover
General Exclusions And Exclusions For Material Damage Cover
The General Exclusions
Any Exclusions Other Than Material Damage And Third Parties
Material Damage Cover
Materials used during construction that are directly or indirectly involved
Insured can not claim for this material damage for some case
CLAUSE
EXCLUSION CLAUSES
INDEMNITY CLAUSES
LIMITATION CLAUSES
LIMITS OF INDEMNITY
Material Damage
Applicable and not exceeding to all the total sum expressed in the Schedule as insured hereby.
Third Party
Not exceeding the amounts specified in the schedule against such sums .
MODE OF PAYMENT
Cash
Reinstate
Replacement
Repair
MAINTENANCE PERIOD
The period after completion of a contract during which the contractor during which the contractor is required to make good at his own expense.