A comprehensive insurance policy for contractors or owners of over-ground or subterranean works under construction.
A comprehensive insurance cover for owners or contractors of projects in relation to their construction. The project may be: houses, buildings, shops or offices, complexes, schools, churches, roads, factories etc. The owners of these works as well as the contractors invest a lot in the construction of these projects. Through Laiki Insurance offer the widest cover to protect the property under construction.
What does the Contractors’ All Risks Insurance Policy Cover?
- The Policy covers the unforeseen and sudden physical loss or damage from any course, other than those specifically excluded, in connection with the construction of works, or the formation of the site inclusive of all construction materials.
Cover can also be offered for the following:
- For construction plant and equipment.
- For construction machinery
- For existing buildings and other property
- For materials stored outside the site
- For the legal liability in existing building and other property
- For loss or damage during the maintenance period
- For expenses relating to the clearance of debris
- For additional expenses necessary for expediting the restoration process/repair.
- For the Insured’s legal liability to pay compensation for accidental bodily injury to or illness of third parties and accidental loss of or damage to property belonging to third parties.
What does the Contractors’ All Risks Insurance exclude?
The policy is subject to many exclusions, some of which are:
- War, acts of terrorism, loss, damage or liability arising from nuclear weapons material and radioactive contamination.
- Riots, strikes, civil commotion.
- Loss or damage due to faulty designs, penalties due to delays.
- The cost of repair or replacement of defective material and/or workmanship.
- The Insured’s liability for bodily injury or illness of the employees of the Insured or the contractor or any other firm connected with the project.
Who can Benefit from the Contractors’ All Risks Insurance?
Owners of works under construction, building contractors, land development firms, municipalities, etc.
Some Advantages of the Contractors Insurance
- The widest possible cover is offered
- Option to cover Insured’s liability to third parties (Public Liability)
- Option to effect the insurance policy in the joint names of the contractor and his sub-contractors.
- Option to insure