Please enable JavaScript.
Coggle requires JavaScript to display documents.
CONSTRUCTION INSURANCE :building_construction: (Excluded perils (Loss or…
CONSTRUCTION INSURANCE
:building_construction:
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
fire
theft
explosion
Construction All Risk Insurance
Exists to insure buildings or projects under construction against the costs of repair or replacement in the event of an accident.
Designed to protect owners and contractors from the devastating impact of the insured peril to a construction project.
Excluded perils
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 of construction contract
Contractors
In the employer –employees relationship
Advantage
Surrounding properties
Flexible premiun payment
Construction activities
sum insured
Section 1 (material damage)
covers any unforeseen and sudden physical loss or damage from any cause, other than those specifically excluded to the contract/erection works (item/property insured) during the period of insurance
Example of material damage
Contract works(permanent and temporary works forming parts of the contract
Professional fees
Free issue materials
Construction equipment (sites offices, utilities and other)
Section 2
Third party liability
a third person or organization less directly involved in a matter than the main people or organizations that are involved
Bodily Injury/ illness
Accident losses to the property damage to third party
Clauses
Indemnity clauses
Exclusion clauses
Limitation clauses
Sum insured
Basis of the nature of project
Voluntary excess opted by the policyholder
The tenure of the project
Mode of payment
Cash
Repair
Replacement
Reinstatement
Premium
Installment policy period > 12 months