Contractors All Risks Insurance

Construction sites for buildings, bridges, dams, towers and others are very busy throughout the construction and maintenance period. While the Engineers, Foreman and site supervisors are trying their best to ensure safety, minor or major accidents could occur. If these sites are not adequately insured, these accidents would result in devastating losses to contractors or to the projects principals.

The “National Takaful Insurance Company” contractors all risks policy which is in 2 sections, provides coverage as follows:

Section 1 (Material Damage): This section provides coverage to the contributors against any unforeseen accidental loss or damage to the contract works arising out of any causes which is not specifically included by the policy wording. A brief description of the Perils covered are as follows:

  • Accidental Damage during construction.
  • Fire and lightening.
  • Water damage, flood, storm and tempest.
  • Collapse, collision, impact, burglary, theft and malicious damage, aircraft.
  • Breakdown or explosion to any part of the contract such as lifts in buildings.
  • Consequent damages due to defects in material casting, workmanship and design.
  • Riot, Strike, subsidence, landslide, cyclone, hurricane, earthquake, volcano.

Section 2 (Third Party Liability): This section of the policy, with agreed limits, will cover contributors legal liability towards third parties in respect of the following:

  • Accidental bodily injury &/or death to third parties (not members of the contributor’s employees).
  • Accidental damage to third party property (excluding property belonging to or in the custody or under control of the contributor, his employees).
  • In addition it also provides the legal expenses for defending any proceedings with insurer’s consent.