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ACPG Whatsapp Team
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What is Contractors’ All Risks & Erection All Risks insurance?
These 2 policies are designed to meet the insurance obligation placed upon Contractors under the contract conditions.
Contractors’ All Risks
Covers buildings and civil engineering works under construction
Erection All Risks
Covers plants, machinery, equipment and steel structures like bridges in the course of erection
Key coverage
Here is an overview of your coverage
Contractors’ All Risks / Erection All Risks
Contractors’ All Risks / Erection All Risks
Material Damage
Covers against sudden and unforeseen physical loss or damage to contract or erection works/property/items
Third Party Liability
Covers third party liability for which we shall become legally liable to pay as damages consequent upon
Accidental bodily injury or illness of third party
Accidental loss or damage to property belonging to third party
Occurring in direct connection with the works and happening at or in the immediate vicinity of the site.
The indemnity is also provided for legal costs and expenses provided the liability is within the limit of liability insured.
Contractors’ All Risks (CAR) is a policy designed to meet the insurance obligations placed upon Contractors under the
contract conditions.
The policy covers the works to be executed in accordance with the contract, temporary works, materials, construction plant and equipment brought into the site and liabilities arising out of the performance of the contract. In general, CAR insurance is intended to cover buildings and civil engineering works under construction.
Coverage
Section I – Material Damage
This section covers almost any sudden and unforeseen physical loss or damage occurring (except as specifically excluded) to the contract works/property/items insured, during the period of insurance.
It has separate cover for:-
Contract Work – includes permanent and temporary work
Construction Plant & Equipment – consisting of worker’s accommodation, storage shed, preparation & mixing
plant, scaffolding, utilities (electricity, water supply)
Construction Machinery – all plant and machinery which renders its service only when moving and under control
of an operator.
This would include earth moving equipment, cranes and the like, as well as site vehicles not licensed for use on public roads, whether such machinery is owned or hired by the contractor.
Principal’s Existing/ Surrounding Properties – property located on the site as well as property surrounding the site belonging to or held in care, custody or control of persons named in the policy as the insureds.
Removal Of Debris – incurred for the removal of debris from the site in the event of loss indefinable under
the policy
Professional Fees – the expenses incurred in engaging consultants for consultation work following a loss indefinable under the policy
Basis of Sum Insured
Contract Works – the full value of the contract works at the completion if the construction inclusive of materials, wages,
freight, custom duties dues and materials or item supplied by the Principal, including contingency sums.
Construction Plant & Equipment/ Construction Machinery – the replacement values of construction, plant & equipment;
which shall mean the cost of replacement of the insured items by new items of the same kind and same capacity
Removal of Debris/ Professional Fees – usually XX% of contract value as stipulated by the contract
Third Party Liability (Under Section II) – to be selected by you and is usually stipulated by the contract
Section II – Third Party Liability
Section II of the policy is in respect of third party liability for which you shall become legally liable to pay as damages
consequent upon:-
(i) accidental bodily injury to or illness of third party
(ii) accidental loss or damage to property belonging to third party occurring in direct connection with the works and happening at or in the immediate vicinity of the site occurring during the period of cover.
The indemnity is also provided for legal costs and expenses provided the liability is within the limit of liability insured.
Malaysia Insurance Corporate Agency
ACPG Management Sdn Bhd (Insurance Biz since Year 1989)
Head Office
158-3-7, Blok 158, Kompleks Maluri,
Jalan Jejaka, Taman Maluri, Cheras,
55100 Kuala Lumpur, Malaysia.
http://www.acpgconsultant.com
+603-92863323, +6011-12239838, +6012-6489838
For more information or quotation enquiry, please contact our ACPG Whatsapp Team
http://wasap.my/+601112239838/ACPGinsuranceenquiry
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