Yes, the construction all risk insurance policy covers damage to surrounding structures as well. Loss or damages to property which are located on or adjacent to the construction site, belong or held in custody or control of the policyholder shall be covered if the loss/damage occurs directly due to those construction items which are insured […]
Construction All Risk
What does 72-hour clause signify in construction all-risk policy?
In construction all-risk insurance policy, 72-hour clause signifies any losses or damages which occur during any period of 72 consecutive hours and which arises due to= Earthquake, subterranean fire, volcanic eruption, Earth movement or collapse Bushfire Wind, storm, hurricane, cyclone, typhoon, hail, rainwater, etc. Flood, means the inundation of normally dry land by escaping of […]
How to calculate the premium in construction all risk policy?
In any insurance, the risk is transferred from the insured to the insurer. However, for undertaking this risk, the insurer charges an amount which is called the premium. This amount is paid periodically by the insured to his insurer. So, we must know how to calculate the premium in construction all-risk policy. Factors deciding the […]