| Interest Insured |
Machinery, Plant and Equipment, Freight, Customs Duties and Dues, Clearance of Debris to be incoperated into the works or used in the installation, erection or completion of the project. |
| Who Needs To Buy |
- Erection/Installation projects such as:
+ Civil Construction Works (Housing; educational construction works; medical examination and treatment establishments and other medical facility...)
+ Industrial Construction Works (works for building materials manufacturing, metallurgy and mechanical engineering works, works for chemical industry…)
+ Technical infrastructure construction work (
works serving water supply , drainage works...)
+ Transport construction works (road, railway, bridge...)
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Scope Of Cover/ Insured Perils
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- Covering to any accidental loss or damage at the site from any cause not exempted. We will indemnify the Insured in respect of such loss or damage by:
* repairing the damaged items to its condition immediately prior to damage, or
* replacing damaged items with similar items, or
* paying the Insured the cost of repairs or replacement, whichever is the lesser.
- Third party claims in respect to property damage or bodily injury arising in connection with the execution of a construction project are covered under the liability section."
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Rating
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Depended on the Insured's:
- The location of the project and its geography
- Contractor and Contractor's experience
- Contract details and values
- The work and the site
- The claim history of all parties
* For compulsory policies, comply with Law (coverage, ratting tariff, deductible...)
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| Requested Document |
- Proposal Form/ Application Form
- Project Schedule / Bar Chart
- Geological Survey Report
- Project Description
- Contract Value Breakdown
- Major Equipment Detail
- Description of the process and/or Technology)
- Plans, diagrams, etc. (blue print)
- Information in interested parties (project owner, main contractor, Financial Institution, manufacturer of main equipment, etc.)
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