A Contractor All Risk Insurance is designed to provide provide coverage for a project work on damages and third party liability arises from accidental and unforeseeable cause.
Features
The policy insure for multiple parties involved in the project. The owners, contractor, architects and consultants are some of the parties which may be named as insured to the policy.
It is usually purchased before the commencement of a project work by either the contractor or the developer for the entire project period. The policy will also covers for the defect liability period after the completion of the project.
The sum insured of the policy is usually the project value. Other considerations may include the principal existing property, Removal of Debris, professional fees and machinery used.
The choice on the value of third party liability will depends on the complexity of the project, the neighbouring properties and owners, Traffic situation and the requirement under the contract.
Enhance your coverage
There are several areas which the policy can be enhanced.
There may be time when additional parties may need to enter the site. They can be specified in the policy as a Third party or name insured, depending on the nature of their involvement to the project.
In preparation of claims, adjuster can be pre-approved by the issuer and named in the policy. The cost of preparing and compiling claims can also be claimable under the policy.
In arranging for a policy on the project, it may be necessary to consider if there are any items are not available in Hong Kong and need additional freight cost in bringing them in. Is there any offsite fabrication or storage, which you will need to include in the policy?