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To determine the value of construction plant we investigate Market Value, Fair Market Value, Replacement Cost, Replacement Value & Actual Cash Value

Dirk Gouws (Engineering Insurance expet, AC&E Engineering Underwriting Managers) explains the meaning of having your name on a Contractors All Risk policy.

Yes, damage to surrounding property is covered by a construction all risk policy, provided it’s included as an add-on to the Contract Works cover. This means an extra premium would be charged to get the specified surrounding property covered.

The Defects Liability Period starts when the Certificate of Completion is issued and continues for the period agreed to in the Contract. During the Defects Liability Period, the Contractor has to obey all written instructions from the Engineer to carry out repairs and fix any defects which appear in the Permanent Works, so that, at the end of the Defects Liability Period, the Permanent Works are in the condition required by the Contract.

A Latent Defect is a defect that is not detected by ordinary inspection, but lies hidden until sometime later, when it’s discovered because it causes a problem that everyone can see.  An example of latent defects would be weak concrete in part of a bridge column, that looks the same as strong concrete, but collapses when a heavy truck drives over the bridge.

All construction work, no matter the size or complexity of the project, contains an element of risk. Find out why you need Contractors All Risk Insurance.

A Contractor can claim for an extension of time, thus extending the Due Completion Date for a project. He can also claim for any costs which will increase due to being on site for longer (called time-related General Items).