This policy useful for the Principals, Contractors and Sub contractors undertaking civil construction works of all kinds such as buildings, bridges, dams, towers etc. and this scheme can be tailored to meet the tender conditions, in relation to the requirement under a contract. The policy provides with a comprehensive financial protection against accidental physical loss or damage to the covered entire works including temporary structures, construction plant and equipment, construction machinery. In addition to these are also covered against legal claims in respect of third property damage or bodily injury/death arising out and whilst in the course of the construction of the project.
The policy provides financial protection against any accidental physical loss or damage to the covered works other than a few specific exclusions as mentioned in the policy schedule.
The perils covered under this Plan, but not limited to the following:-
• Fire, Lightning, Cyclone, Hurricane, Flood, Storm, Tempest, Inundation subsidence,
Landslide, Rockslide, Subsidence, Earthquake, Volcanic Eruption etc.
• Riot, Strike and Civil Commotion, Malicious Damage, Burglary or Theft.
• Lack of skill, Bad workmanship, Negligence
• Explosion, Spontaneous Combustion, Heating, Fermentation.
• Impact and Aircraft Damage.
The cover can be extended to include Surrounding Property of Principal, Off-site storage, Goods in transit, Professional fees, Expediting expenses, Cost of removal of debris etc.
The Period is based on the Contract period and a range of 6 to 24 months Maintenance Period.