This is a policy for building contractors and those involved in the building process. Contractor All Risk provides financial compensation to the insured for the cost of restoration of works following an unforeseen accidental event leading to a loss/damage.
The primary essence of this insurance to the contractor and other stakeholders is to provide suitable financial fall back in the event that a loss or damage occurs in the course of the contract execution on any of the items below:
- Contract works up to the estimated value
- Contractor’s plants and equipment
- Principal’s existing properties on site and temporary structures
- Third party property damage or bodily injury
- Offsite temporary storage facility