The Basic Concept is to offer comprehensive and adequate protection against loss or damage in respect of the contract works, construction plant, equipment, and machinery, as well as against third-party claims in respect of property damage or bodily injury arising in connection with the execution of the construction project.
The most important causes of loss or damage indemnifiable under this insurance are :
Fire
Lightning
Explosion
Flood
Inundation
Windstorms of any kind
Earthquake
Theft & burglary
Bad workmanship, lack of Skill, Negligence, Malicious acts, or Human Error.
Conditions on and exposure of the site (E.g., atmospheric and tectonic conditions such as the probability of windstorms, earthquakes Flood, Inundation, and fire hazards).
Design Features and building materials.
Constructions techniques.
Safety factors considered in the construction schedule.
Measures provided to ensure the safe execution of the project.
This is an insurance of the contractor’s plant and machinery on an annual basis, this cover is similar to the scope of work of machinery (M) insurance but excludes internal break- down, applies to work, at the rest or during maintenance operations, and is not limited to a specific construction site. The sum Insured is the new replacement value.a
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