INSURANCE OF PROPERTY EXPOSURES : CONSTRUCTION INSURANCE : :explode:…
INSURANCE OF PROPERTY EXPOSURES : CONSTRUCTION INSURANCE : :explode:
-events are not covered under the policy-
:check: Loss or damage due to willful misconduct
:check: Loss or damage due to faulty design
:check: Cessation of work, partial or total
:check: Deductible as mentioned in the policy document
SECTION 1 -->> MATERIAL DAMAGE COVER
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
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
:star: Bodily Injury/ illness
:star: Accident losses to the property damage to third party
Third party liability claims
1) Imagine you’re a builder working on scaffolding and you drop a brick that damages a car parked below.
2) In either case your business could be faced with a compensation claim.
3) This compensation payment can take into account medical costs, lost earnings, and the replacement or repair of damaged property.
The Company will not indemnify the Insured in respect of :<3:
Damage / Liability
Directly or indirectly
The Exclusions For Material Damage Cover
Materials used during construction that are directly or indirectly involved
Insured can not claim for this material damage for same case
EXCLUSIONS TO SECTION –I (MATERIAL DAMAGE)
Loss discovered only at the time of taking an inventory
2.Normal wear and tear-due to atmospheric conditions
Loss or damage due to faulty design
.4) The cost for rectification or correction of any error during construction
5) Loss of or damage to files, drawings, accounts, bills,currency, stamps,
6) Any damage or penalties on account of the Insured's non-fulfillment of the terms of delivery or completion
LIMITS OF INDEMNITY
“The maximum amount which on insurer will pay in settlement of a claim or claims arising under a policy.”
INDEMNITY SECTION II –THIRD PARTY
1) Not exceeding the amounts specified in the Schedule against such sums which the Insured shall become legally liable to pay
2) accidental bodily injury to or illness of third parties (whether fatal or not) -unlimited
INDEMNITY SECTION I –MATERIAL DAMAGE
1)applicable and not exceeding to all the total sum expressed in the Schedule as insured hereby.
2) respect of such loss or damage as hereinafter provided by mode of payment in cash
The total value of contracts completed within the policy period.
The total value of contracts started within the policy period, or