As in all businesses, there are various risks associated during the construction work period and the maintenance period that follows.
Contractor’s All Risks Insurance provides adequate protection against losses or damages with respect to:
- Contract works
- Construction plants and equipment
- Bodily injury or material damage to third parties resulting from the execution of a building project.
Section 1: Physical Loss or Damage
Covers loss or damage to contract works, materials or items being used in the contract works from:
- Accidental damage
- Fire and lightning
- Impact collision
- Malicious damage
- Flood, storm and tempest
- Cyclone and hurricane
- Breakdown or explosion to any part of the contract
- Consequent Damages due to defects in material casting, workmanship and design
- Strikes, Riot and Civil Commotions
Section 2: Third Party Legal Liability
This section covers your liability towards third parties arising due to negligence:
- Compensation for accidental death or bodily injury.
- Damage to or loss of property excluding property belonging to or in the care, custody and control of the insured
- Including legal costs incurred subject to the prior consent of the insurer.
Period of Insurance
Policy covers the full contract period of the construction but you have the option to extend it to cover
- Maintenance period related to the contract works.
- Decennial liability.
Plant and equipment belonging to the contractor or in his custody and control whilst used in the contract works.
- Property belonging to the principal
- Design defect
- Plant and equipment belonging to you
- Machinery breakdown
- Unexplained losses
- War, sabotage and terrorism.
A deductible for each and every loss under the policy may be applicable under some sections of the policy.
Premium rates are based on:
- Contract Value
- Limit of liability
- Contact Period
- Nature & type of project
- Experience of the contractors in similar type of projects.
- Value of Construction Plant & Machinery
- Extensions opted for
Please note that for the easy understanding of the insurance policy, we have highlighted the important aspects. We will be glad to receive your queries and discuss the full set of policy terms, conditions and exclusions.
For more information, please contact Nasco Gulf at +971 4 351 8610.
You must alert us of any accident that may lead to a claim covered under the policy, and our team of experts will assist you in the quick settlement of the claim.
Call us as soon as possible, in case of an accident, and our team of experts will guide you through the claim process. For more information, please contact Nasco Gulf at +971 4 351 8610