The construction sector has experienced rapid growth in recent years and the need for this particular Insurance Policy is more important than ever. The Contractors All Risk Insurance policy insures the owners or contractors for construction/building projects, as far as their construction is concerned. The projects can be: a house, an apartment building, a complex of shops or offices, a school, a church, a road, bridges, a factory, etc.

Basic Coverage
The basic coverage of the Insurance Policy includes:

• Loss or Damage during the construction of a project or during the configuration of the construction site and building materials as a result of a sudden and unforeseeable incident that is not excluded and that occurs on the construction site.

Optional coverages:

• Loss or Damage to equipment and facilities.
• Loss or Damage to construction machinery such as cranes and earthmoving machinery.
• Damage to buildings and their contents belonging to or under the control of the project owner and located within or adjacent to the construction site.
• Loss or Damage to Materials stored off site.
• Loss or Damage during the performance of the contractor’s contractual obligations during the maintenance period.
• Debris removal costs.
• Loss or Damage from a riot or strike.
• Covering additional expenses related to a covered claim and requiring overtime, night work, work on a public holiday.
• Liability of the insured (owner, mainly contractor and subcontractors) to third parties.
• Liability of the insured for material damage to third party property resulting from vibrations or weakening or displacement of foundations.

Exceptions:
The Policy is subject to exclusions, some of which are:

• War risks.
• Terrorist Acts.
• Nuclear radiation, environmental pollution.
• Cyber Risk.
• Damage resulting from total or partial interruption of operations.
• Strike, Riot.
• Consequential damage of any nature including delay in project delivery.
• Mechanical or electrical damage to machines.
• Damage due to faulty design or study, penalties due to delay.
• Costs of repair or replacement of defective material and workmanship.
• Liability towards the insured’s employees, engineers or architects.
• Liability for damage to third party property from vibrations or weakening or displacement of foundations.