Contractors' All Risks Insurance
13 October 2022
The growth in global development has led to an unparalleled increase in the value of property risks, also in the development of new risks that were not known before, and the insurance market in Egypt and the Arab world is like any other local or global market, insurance companies have tried to pursue that rapid development that occurred in industrial and urban activities from During the issuance of engineering insurance policies, specifically, and insurance documents for all risks of contractors, such as insurance resulting from machine failure, insurance of loss of profits resulting from the breakdown of these machines, insurance of downtime, insurance of additional expenses, rental insurance and rental value with the calculated rent difference and another such type of insurance that covers indirect losses faced by urban and industrial companies; Let's find out together about the insurance of the policy of Contractors' All Risks Insurance.
What is the insurance policy for Contractors' All Risks Insurance and their features?
This type of insurance covers all the risks of contractors and all the losses that occur in civil engineering projects, including architectural ones, by issuing various coverage documents to the contractor to cover such dangers as fire hazards, theft, civil liability, and other risks to cover all these risks, to show us the advantages of this type of insurance, including
To protect the future of contractors from the risks that could threaten their physical stability by meeting those potentially significant risks, in case they do not have any insurance against the risks that they could face.
Achieving the principle of cooperation between several contractors exposed to the same risks, and ensuring the stability of their future by sharing the risks that they can face.
Contractors ' risk insurance studies the causes of the risk, develop, and takes appropriate measures to avoid and treat each type of risk, providing safety and Prevention.
It compensates for those losses that the entities are exposed to as a result of the occurrence of any risk, which would preserve the wealth of those businesses and the entity.
Businesses that can be insured
Contractors' All Risks Insurance covers all engineering aspects of insurance, whether architectural, Civil, Mechan or electrical, and the most important works traded in contractors' risk insurance are:
1. Insurance is possible in all construction and contracting works of all kinds, including building contracts, agricultural contracts, land reclamation, irrigation apartments, and water drains.
2. Insurance of all installation risks for Engineering, Electric, al, and mechanical devices.
3. Insurance for all malfunctions of productive machinery and equipment in the contracting sector.
4. Insurance of computers and devices used in the field of contracting.
Contractors' All Risks Insurance has completely different characteristics from those of other insurance, as the balance in this type of insurance is relative to a certain extent, due to the expansion of that insurance coverage, such as duration, volume, and quality as well.
Engineering insurance contains a set of required data that must be available for the insurance process to take place properly, we explain it as follows:
The name of the client/ owner of the project.
The name of the main contractor and the sub-article, if any.
Contract value (is the estimated value of business contracts).
The term of the contract with an indication of the expected start date.
Indicate the scope of the business and the location of the work.
The limit of compensation required for third-party insurance.
A copy of the terms of the insurance contract, if any.
In the case of large projects whose budget is expected to increase by more than 25 million US dollars, it is necessary to send some additional data in addition to the above-mentioned data, namely:
Send the executive plan/ detailed project statement.
Submit the schedule (bar chart) of the project.
Send the location report, also plans, drawings, etc.