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Construction Insurance :construction_worker: (Peril that cover (Flood…
Construction Insurance :construction_worker:
Design to protect owners and contractors from the devastating impact of the insured peril to be a construction project
Scope of Cover
All risk policy
Covers any sudden and unforeseen physical damage to the civil project by any cause or peril but NOT the excluded peril under the policy
Peril that cover
Flood,storm
Collapse
Earthquake, fire and shock
Human errors
Fire and allied perils
Third Party
A third person or organization less directly involved in a matter than the main people or organizations that are involved
Third party liability
Bodily injury/illness
Accident losses to the property damage to third party
The company will not indemnify the insured in respect of
War
Nuclear
Willful act or willful negligence of the insued
Cessation of work wheather total or partial
Exclusion
Section 1 (material damage)
Normal wear and tear-due to atmospheric condition
Loss or damage due to faulty design
loss discovered only at the time of taking an inventory
Section 2 (third party liability)
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
Clause
A dependent clause, also called a subordinate clause, is a clause that cannot stand on its own because it does not contain all the information necessary to be a complete sentence
Indemnity causes
Exclusion Clause
Limitation Clauses
Mode of payment
Replacement
Repair
Cash
Reinstate