Contractor’s All Risks
It covers the property loss caused by natural disasters, fire, or burglary happened during the construction projects being carried out at the construction site specified by the contractor in the insurance policy. If the execution of the construction projects is attributed to any physical injuries, death or property loss of any third parties, and the insured is liable for such injuries, death or loss, then it is covered by Full insurance.
Below are construction projects that can be insured for a Full Insurance:
(a) Buildings (such as hotels, residential buildings, office buildings).
(b) Civil engineering (such as roads, bridges and terminals).
Exceptions such as: Loss or expenses incurred by faulty design, damage of machinery or electrical devices caused by internal forces, or damage caused by failure or malfunction of construction machineries, equipment and mechanical devices, and regular maintenance or repair cost.
Full Insurance for Installation Projects
It covers “Installation Projects.” The calculation of the insured amount is based on the total value of the installation work (which includes equipment cost, installation cost, construction cost, transportation cost, insurance cost and tariff, etc.). Machinery and equipment have to be insured according to the value of the re-purchase of the same model.
If the execution of the installation project is attributed to any physical injuries, death or property loss of any third parties, and the insured is liable for such injuries, death and loss, then it is covered by Full insurance.