Any unforeseen incidents can happen in the construction industry. The Contractor’s All Risks Insurance provides an all risks cover during the construction period for contract works against loss or damage to property, third party liability for accidental bodily injury or property damage in connection with performance of the contract.
This policy is designed to help developers, principals and contractors to better manage their construction risk and exposures.
The policy provides coverages against:
Section I – Material Damage
This section of the insurance covers the contract works of the insured against any sudden and unforeseen physical loss or damage from fire, lightning, collapse, collision, impact, malicious damage, theft/burglary, flood, windstorm, subsidence & landslide and any other causes unless specifically excluded.
Section II – Third Party Liability
This section of the insurance covers the liability of the insured against any liability in respect of third party bodily injury or property damage arising out and in the course of the construction works upon;
• Accidental bodily injury or illness to third parties
• Accidental loss of or damage to property belonging to third
parties
Occurring in direct connection with the construction works and happening on or in the immediate vicinity of the site during the period of insurance.
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