About Contractor-All-Risk Insurance
AIICO’s Contractor-All-Risk policy is specifically designed to cover constructions and construction activities with a view to protecting materials, fixtures and equipment being used.
The policy coverage are in two parts:
- Section I: Material Damage:
Coverage of any physical loss or damage to any of the equipment insured from any cause except anyone that is not on the list of what was mentioned earlier.
- Section II: Third Party Liability:
The policy will indemnify the assured against such sums which the insured shall become legally liable to pay as damages for:
- Accidental bodily injury to or illness of third parties (whether fatal or not).
- Accidental loss of or damage to property belonging to third parties
Why Contractor-All-Risk Insurance
This policy covers contract work, both permanent and temporary works including all materials to be incorporated). It also protects the insured against all sums they may become liable to pay for damage in respect to:
- Death, bodily injury, illness or disease of any third party
- Loss or damage to third party’s property
- Loss of amenities as a result of obstruction to third parties trespass or nuisance
- Denial of access, interference with light, air, water way and any other form of third party liabilities