Contractor's All Risk

By: SIMON POON AGENCY  27-12-2010
Keywords: Insurance Agency

Scope Of Cover
Provides protection against loss or damage in respect of the contract works at contract site and third party claims arising in connection with the construction of a project.

The Insured Parties
The Principal, Contractor and all Sub-Contractors, Operators, Suppliers, Consultants, Financing Parties who are engaged in the contract/project. Note: Third party means any person other than those related to or working for the contract/project.

Link to us to find out:
www.simonpoonagency.net/spa-accident-casualty-fire-health-motor-marine-property-liability-insurance-malaysia-kuala-lumpur-oug/Home/contractors-risk-malaysia-kuala-lumpur-kl-oug-1
   
Property Insured
All the works to be performed under the contract whether they are preparatory, provisional or final together will all materials and equipments constituting them.

In addition, the cover may include Third Party Liability, Construction Plant and Equipment, Construction Material, Clearance & Removal Of Debris, Professional Fees and Surrounding Property, Escalation,Maintenance Cover.

Sum Insured
The sum Insured must be similar with the contract value represents all the investment needed to carrying out the contract/project. Any increase in the contract sum must be notified immediately to the Company in order to avoid under-insurance and additional premium will be charged.


Information required for Quotation
Letter of Award (compulsory)
Breakdown of sum insured/Contract value
Scope of Works
Layout and/or Location Plans
Time schedule/Bar Chart
Limit of third party liability
Third party surrounding Properties and distance
 


Exclusions
Usual exclusions on nuclear and war damage.
Consequential Loss on material damage.
Cessation of work whether total or partial.
Direct faulty design.
The cost of replacement or rectification of the Property insured rendered necessary by defective material and workmanship but this insurance shall cover the cost of making good any damage
to other Property Insured under this policy resulting from such defective material and workmanship.

Loss or Damage to:-
Loss of or damage to any items of plant machinery or equipment directly due to it's own breakdown, failure, breakage, derangement or explosion.
Loss of or damage to any deeds, bonds, account bill of exchange, promissory notes, cash, bank notes, cheques, security for money or stamp.
Loss or damage due to normal wear and tear, corrosion, rust, aesthetics defect, gradual deterioration or deterioration due the atmospheric and/ climate conditions.
Loss of property either by disappearance or by shortage if such disappearance or shortage is only revealed when an inventory is made and the loss cannot be traced to any event.
In respect of which a Certificate of Completion has been issued
or which has been completed and handed over to or taken into used by the Principals or which arise after practical completion unless such loss and such loss and damage be occasioned during the Maintenance Period specified in the schedule or by the contractor in the course of any operations carried out by him for the purposes of complying with the obligations under the maintenance provisions of the contract.

Link to us to find out more:
www.simonpoonagency.net/spa-accident-casualty-fire-health-motor-marine-property-liability-insurance-malaysia-kuala-lumpur-oug/Home/contractors-risk-malaysia-kuala-lumpur-kl-oug-1

Keywords: Insurance Agency