The insurance product covers loss or damage to insured items during the construction/erection works or the sums which the Insured shall become legally liable to pay as damages consequent upon accidental bodily injury to or illness of third parties or accidental loss of or damage to property belonging to third parties occurring in direct connection with the construction or erection works and happening on or in the immediate vicinity of the site.
- Investors, developers
- Builders and construction companies
- Suppliers and subcontractors in the construction business
Subject of Insurance
- Construction of structure and building and erection works under construction
- Erection/installation of machinery/equipment
- Contractor` s plant and equipment
- Surrounding property
- Debris removal, fire fighting expenses
- Advance Loss of Profit or Delay in Start-up
All-Risks, including but not limited to:
- Fire, lightning, explosion, theft
- Natural perils (earthquake, windstorm, flood, and other natural perils
- Legal liability of the insured as consequence of accidents or damages caused to third parties on the construction site or in the vecinity of the site.
Except the risks specifically excluded in the General Conditions.