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CONSTRUCTION INSURANCE POLICY (INSURED PERIL (THEFT, EXPLOSION, FIRE),…
CONSTRUCTION INSURANCE POLICY
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
THEFT
EXPLOSION
FIRE
EXCLUDED PERILS
Loss or damage due to willful misconduct
Loss or damage due to faulty design
Cessation of work, partial or total
Deductible as mentioned in the policy document.
SECTION I: 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 II: THIRD PARTY LIABILITY
Bodily Injury/ illness
Accident losses to the property damage to third party
Installment policy period
12 months
Exclusions For Material Damage
Materials used during construction that are directly or indirectly involved
Insured cannot claim for this material damage for some case