Insurance
costs Features
The policy offers cover against loss or damage due to :
Fire
Lightning
Explosion/implosion
Riot, strike, malicious damage
& terrorism
Impact by any rail, road or water borne vehicle or animal
Storm, cyclone, typhoon, tempest, hurricane, tornado, flood & inundation,
wave action
Subsidence, landslide and rockslide
Earthquake,
fire and shock, tsunami
Frost, avalanche, ice
Extra Covers
Further hazards depending on the location and type of risk can be included
like bush fire, volcanic action, blasting operations, cover for removal of debris
following a loss at additional premium.
Benefits
In
case of damages which can be repaired, the policy provides for payment of costs
necessary to restore the items to their condition immediately before the occurrence
of the damage.
In case of total loss, the actual value of the items immediately
before the occurrence of the loss is payable to the extent the costs are included
in the sums insured.
Since the policy is on indemnity basis, only incurred
costs are payable.
Loss assessment is subject to adjustments for under
insurance, salvage and policy excess.
Requirements
A
duly filled in proposal from giving full description of the civil works proposed
to be insured, the geographical conditions, exposure to the risks, maintenance
details and the values for which insurance is required need to be submitted.
Recommendations
The liability of the contractor ceases once
the civil works are completed and handed over to the principal. As the project
is exposed various risks subsequently, it is desirable that the principal is covered
under this policy. Insurance
costs
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