This policy provides cover against Accidental Damage to Civil Engineering works under construction.
- Policy comprises of two sections:
- Material Damage: Covering physical loss, damage or destruction of the propertyinsured by any cause, other than those specifically excluded in the Policy.
- Third Party Liability: Covering the legal liability falling on the insured contractor asa result of bodily injury or property damage belonging to a third party.
- Period of Insurance should be equivalent to the period of contract.
- Cover can be taken by the Principal Contractor or Sub-contractor jointly or separately
- The Sum Insured under material damage section should represent total contract valueincluding estimated cost of labor charges and cost of materials.
- Optional covers also available on payment of additional premium
- Clearance and removal of debris.
- Third party liability cover.
- Surrounding property of the insured.
- Express freight, overtime.
- Air freight.
- Construction machinery, plant and equipment.
- Maintenance and extended maintenance cover.
- Faulty design.
- Rectification of aesthetic defects of structure not relating to any physical loss or damageto the structure due to any accident, or of material defect or of workmanship defect.
- Loss or damage due to gradual deterioration, atmospheric condition, rusting, wear andtear etc.
- Loss discovered only at the time of taking inventory.
- Loss arising out of penalty for delay, non-fulfillment of terms of contract.
For details refer to policy wordings.
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