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CONSTRUCTION INSURANCE POLICY :construction: (scope of cover (any sudden…
CONSTRUCTION INSURANCE POLICY :construction:
definition
to protect owners and contractors from the devastating impact of the insured peril to a construction project
exist to insure building or project under construction against the cost of repair or replacement in the event of an accident
scope of cover
any sudden and unforeseen physical damage to the insured civil project by any cause or peril but Not the excluded peril under policy
Fire :fire:
Explosion :explode:
theft
excluded peril
Loss or damage due to willful misconduct
loss or damage due to faulty design
cessation of work, partial or total
deductibles mentioned in the policy document
parties to construction contract
in the master - servant relationship (contract of services)
third party
Bodily injury / illness
accident losses to the property damage to third party
section one
> Material damage covers any unforeseen and sudden physical loss or damage from any cause
Example> contract works, professional fees, free issues material, construction equipment ( sites offices, utilities and others)
insured peril > source of damage or loss which cover by insured perils
Peril covers
fire and allied perils, earthquake, fire and shock, flood and storm, collapse, faults in construction and human errors
Not indemnity the insured in respect of loss caused by
War
Nuclear
willful act or willful negligence of the insured
cessation of work whether total or partial
Exclusion for material damage cover
material used during construction that are directly or indirectly involved
Insured can not claim for this material damage for some case
limit of indemnity
Maximum amount which insurer will pay in settlement of claim
section 1 > material damage
section 2 > third party