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CONTRACTORS’ ALL RISK
WHAT IT COVERS
It is property insurance
by which any building or
civil engineering
project under
construction is
protected against
accidents re-sulting in
physical damage to or
the destruction of works
in progress, materials
and other similar items
brought to site . It can
be extended to cover
Third Party Liability.
It is an all risk
policy.
REQUIREMENT FOR TAKING
THE POLICY
There must be an actual
construction work in
progress.
BASIC POLICY CONDITIONS
It is subject to
deductibles (excess)
Wear and tear,
deterioration due to
lack of use and normal
atmosphere conditions
are not covered.
It is an indemnity
policy and therefore
loss / damage repairable
comprise the cost of
repairs necessary to
restore the items to
their condition
immediately before the
occurrence of damage
less salvage.
WHY TAKE THE POLICY
Construction works and
materials used are very
expensive and as such
there should be an
insurance cover for them
in case of any mishap.
PROCEDURE FOR TAKING THE
POLICY
1. Completion of
proposal form. See forms
page
2. A fixed premium is
charged for the duration
of cover. |
