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The policy is specially designed to give financial protection to Civil Engineering Contractors in the event of an accident to the civil engineering works under construction.

WHO CAN TAKE OUT THE POLICY?
The policy can be taken out by the principal, contractor or sub contractor, jointly or separately.

The policy comprises of 2 Sections:
Material Damage – covering physical loss, damage or destruction of the property insured by any cause, other than those specifically excluded in the policy.
Third Party Liability – covering the legal liability falling on the insured contractor as a result of bodily injury or property damage belonging to a Third Party.

The main exclusions under Section I for which no claim is payable, are loss or damage due to:
Faulty design
Rectification of aesthetic defects of structure not relating to any physical loss or damage to the structure due to any accident, or of material defect or of workmanship defect.
The exclusion of defective material / workmanship is limited to the parts of the structure immediately affected and does not apply to any consequential loss to correctly executed items, arising out of the accident due to defective material or workmanship.
Loss or damage due to gradual deterioration, atmospheric condition, rusting etc.
Loss discovered only at the time of taking inventory.
Loss or damage to vehicles licensed for general use or water-bourne vessels or aircraft
Loss arising out of penalty for delay, non-fulfillment of terms of contract.
Loss or damage arising from acts of terrorism.

ADD ON COVERS
The policy can be extended to cover the following items:
Clearing and removal of debris
Construction equipment like scaffolding, shuttering materials
Damage to surrounding property not forming part of the contract work.
Maintenance visit / extended maintenance cover to cover accidental loss or damage whilst carrying out any rectification during maintenance period and / or any amount incurred for rectification of such original defects or faults during construction.
Earthquake
Third party liability

PERIOD OF INSURANCE
Unlike other policies where the period of insurance is one year, in this policy the period of insurance should be equivalent to the period of the contract, commencing from the date of unloading of the first batch of material at the site of construction and expiring on the date of handing over of the contract work to the principal.

Although it is possible to extend the policy period in case of delays in completion of contract, it is always advisable to choose a slightly longer period of insurance initially, to avoid paying higher extension premiums.


In the event of any loss or damage giving rise to a claim under the policy, the following steps should be taken:

Take necessary steps to minimise the loss.

Inform insurance company immediately.

Extend full cooperation to the Surveyor deputed by the company.

Submit duly filled in Claim Form along with necessary documents to substantiate the financial loss suffered as a result of the accident.

Note: Policy details given are indicative, not exhaustive. Please contact your nearest FICO office for further details.

DOWNLOAD CLAIM FORMS

Burglary
Contractors All Risk
Fire
Goods In Transit
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