Construction All Risk Insurance (General Exclusions (• invasion, • …
Construction All Risk Insurance
SCOPE OF COVER
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.
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.
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
THIRD PARTY LIABILITY
a third person or organization less directly involved in a matter than the main people or organizations that are involved
• civil war
• Municipal or Local Authority
The Exclusions For Material Damage Cover Materials used during construction that are directly or indirectly involved
EXCLUSIONS TO SECTION – I
Loss discovered only at the time of taking an inventory
Normal wear and tear-due to atmospheric conditions
EXCLUSIONS TO SECTION II
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.
LIMITS INDEMNITY SECTION I
applicable and not exceeding to all the total sum expressed in the Schedule as insured hereby.
LIMITS INDEMNITY SECTION II
Not exceeding the amounts specified in the Schedule against such sums which the Insured shall become legally liable to pay as damages consequent upon.
Basis of the nature of the project
Voluntary excess opted by policyholder
The tenure of the project