Provides cover for all risks of damage, loss or destruction of contract works, whether permanent or temporary including materials and other things meant for incorporation into the works.
It also provides indemnity which the insured collectively or individually, including all participants to the yard shall become liable to pay, according to the law in force, in respect of claims arising out of accident and consequential losses to third party provided that such accident, injury, damage or loss results from activities in connection with the performance of the contract.
The policy could be effected to cover a specific project. It could equally be effected on open basis where all projects (falling within the previously agreed limits) are declared prior to commencement of such projects based on the prior declarations.
- Limit of Indemnity
- Anyone Occurrence
- Anyone period of insurance unlimited