Property insurance.
Section a of the contractors all risks policy
Section A
Property
Insurance
Section B
Third Party
Liability Insurance
Section C
Employers
Liability Insurance
The name of the policy – “Contractors All Risks”, with specific reference to Section A (Property Insurance) can be somewhat misleading since the term “All Risks” creates the impression that the insurance cover is very extensive and covers all possible risks.
However, at this stage we are still dealing with a basic policy that presents various questions: Is “All Risks” really what it purports to be? What types of damage are not covered under an “All Risks” policy? What is the significance of the clauses and exclusions relating to risks that the insurance company is not prepared to cover? Is the standard “extended” policy adequately tailored to the specific works and unique characteristics of the insured project? And most importantly: How do we create a property insurance policy for contract works that provides the client with the maximum insurance cover at the lowest possible cost?
To obtain a quotation for insurance cover tailored to your needs
Please contact me directly
Itzick Simon
972-50-5299480
What is property insurance?
section a of the contractors all risks policy
The Property Insurance section of a Contractors All Risks policy defines an insured event as sudden, accidental and unforeseen physical damage to the construction project or part of it, from the date when the project starts, until the date when the works are completed or the expiry date of the policy (the earlier of the two).
The fact that “damage” has a specific definition shows that this section contains numerous exclusions that need to be counteracted by extensions to obtain more extensive cover. Here are two simple examples to illustrate the technical definition of “damage” and why it is important to pay attention to each and every clause, requirement or exclusion.
“Unforeseen damage” – We shall take the example of a contractor involved in a project to renovate an apartment building which remains inhabited during the works, who takes out a Contractors All Risks policy covering property damage (for the time being without addressing any special extensions for National Outline Plan 38 projects). The contractor has removed the bitumen sheets from the roof of the building in preparation for building the new floors.
The winter season arrives, there is torrential rainfall, the building is damaged and the contents of the residents are also damaged. This would appear to be a classic case of a claim for property damage, but in fact not. The fact that it will rain in the winter is not “unforeseen” and the insurance company has all the reasons to avoid the claim. Read our article concerning the difficulties relating to insurance cover for natural perils damage in the winter, which are considered as foreseeable losses. Also Recommendations to prepare construction projects for the winter.
Physical damage – A fire at a construction site is the type of damage that nobody could expect to happen although it does happen. Under the property insurance section, the contractor will be compensated for the physical damages they suffer but not for consequential losses occurring due to the fire such as a delay in handing-over the key arising from delays in proceeding with the project which occur due to the fire.
We have a well-equipped “professional toolbox” and offer you numerous unique benefits
We have a well-equipped “professional toolbox” and offer you numerous unique benefits. In conjunction with you we will devise a Contractors All Risks insurance policy and associated covers to provide you with the broadest cover at the lowest price!
Our biggest advantage is experience! We have been specialising in providing insurance to the construction industry for the last 25 years and we have learned how to formulate a policy that provides you with the optimal insurance cover. Formulating a Contractors All Risks policy (including Section A – Property Insurance) involves taking a wider look at the project and not just the property itself. Only in this manner is it possible to understand all of the risks and how to avoid them or to properly insure them.
Another advantage is the painstaking efforts we invest in collecting information about the project with the aid of construction insurance experts to analyse the uniqueness of the project (bearing in mind that no two construction projects are identical), preparing a schedule of the foreseeable risks (and the unexpected risks which our extensive experience has taught us to identify) and more.
Based on all of this – we formulate creative solutions to cope with certain policy exclusions and limitations and obtain the extensions you require to ensure you have the most optimal insurance cover.
We have a well-equipped “professional toolbox£ and offer you numerous unique benefits.
We have a well-equipped “professional toolbox” and offer you numerous unique benefits
✔ A truly extended policy. The insurance company underwriters have learned over the years to recognise the professionalism of our work and our ability to bridge the gap between the customer’s need for insurance cover against a wide spectrum of risks and their hesitations in providing the cover (due to the very same risks).
The bottom line is that this cooperation enables us to create the optimal insurance portfolio for you.
✔ Minimum cost. We can reduce costs of the insurance substantially and at the same time maintain a top quality insurance portfolio for you.
✔ Our expertise is on your side. A leading insurance agency is not measured only by its size or experience but also by professional work procedures. In the event of a claim, you benefit from a team of experts including loss adjusters, surveyors, engineers, and where necessary, accident investigations by some of the most experience and professional people in the industry – all in order to provide you with maximum protection and maximise your rights under the policy.
For information or details about the type of insurance required,
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