Our Contractor/Erection All Risk Insurance policy can provide the contractor and /or project principal with comprehensive and adequate project insurance against unforeseen and sudden physical loss or damage to the contract works and / or construction machinery as well as third parties claims in respect of property damage or bodily injury arising in connection with your construction project.
The insured: Investors, contractors, construction and installation organizations, owners of works…
Insured projects:
- Construction works such as houses, apartments, hotels, schools, hospitals, offices;
- Factories, warehouses;
- Irrigation works such as canals, embankments, reservoirs…;
- Civil construction works: bridges, roads, wharves, levelling for industrial parks, new urban areas…;
- Cement plants, hydroelectric plants, thermal power plants…;
- Anh other construction and installation works.
Benefits and scope of cover: The insured will be compensated for most losses occurring to the construction/erection works due to unexpected and unforeseen incidents during the insurance period.
The scope of insurance includes two parts:
- Part I: Material loss of the construction: Due to unexpected and unforeseen incidents occurring during the insurance period for insured assets within the construction site, caused by one of the following reasons:
-
- Fire, lightning, explosion, plane crash, fire, water, or fire fighting measures;
- Flood, inundation, rain, tsunami, storms;
- Theft;
- Bad workmanship, lack of experience, negligence, intentional acts, or mistakes;
- Other causes not excluded in the insurance policy.
- Part II: Liability for compensation to third parties: Including civil liabilities arising under the law of the Insured for damages caused by the Insured to third parties directly related to the insured construction work and occurring during the insurance period.