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MOTOR & PLANT

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If required, both own plant and hired-in-plant can be insured as part of the contract works subject to a separate sum insured being supplied for each section of cover.

Own plant can include cement mixers, excavators, generators, scaffolding, access towers, plant storage containers, etc. Plant can be expensive, so many construction companies hire in certain items of plant, and especially where this is only used occasionally for certain contracts. Typical items hired in by a contractor could include dumpers, excavators, mobile cranes, tower cranes, etc.

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FREQUENTLY ASKED QUESTIONS

What is "Market Value"?

Market Value is the fair Market value as determined by the Dealer taking into consideration the amount of hours the item has worked and the repairs or improvements done. In the event of a total loss the loss adjuster will use the same method to determine the value. Should there be a partial loss and parts have to be replaced with new parts (used parts could not be sourced) and there is a price difference, then a betterment contribution could be called for. If the item is under insured then average will apply.

What is "New Replacement Value"?

New Replacement Value is the price the same or similar item will cost today. Should a total loss occur then the loss adjuster will obtain the value from the dealer, but settlement will be based on the market value, taking into consideration the amount of hours the item has worked and the repairs or improvements done. In the event of a partial loss the damaged items will be replaced. If the item is under insured then average will apply.

What is "Agreed Value"?

Agreed Value is the value as agreed by the client (insured) and the Insurer. The Agreed Value shall not be less than the fair Market Value and not more than the Market Value plus 20%. In the event of a total loss the loss the claim will be settled at the insured value. Should there be a partial loss and parts have to be replaced with new parts (used parts could not be sourced) and there is a price difference, then a betterment contribution could be called for.

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What does Contractors All Risk cover include?

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What is not covered by a Contractors All Risk Policy?

The main part of the Contractors All Risks insurance is the Contract Works section which provides cover for the property being worked on (e.g. new house, etc.). But it’s important to be aware of what’s not covered by a contractors all risk policy, these are just a few examples:

What is Plant All Risk Insurance?

Your onsite machinery (plant) is vulnerable to a number of problems such as breakdowns, vandalism and theft. Missing a project deadline can be bad news for your bottom line as well as your reputation. Plant All Risk Insurance covers you for loss of, or damage to, construction plant and equipment whilst in storage, transit, on the contract site or being use as a tool of trade.

Does a Construction All Risk Policy cover damage to surrounding property?

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.

What Are Latent Defects?

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.

How Does a Contractor Claim For An Extension of Time?

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).

What is the Defects Liability Period?

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.

What is ‘Practical Completion’?

Practical Completion doesn’t mean the Contractor has finished the Works in every detail. It means the Works are sufficiently complete to be safely used by the Employer for the purpose he intended. The Contractor may still complete minor items and fix defects after Practical Completion, as long as the Employer isn’t inconvenienced.

Why is a Contract Works Policy Necessary?

When it comes to planning a new construction project, insurance doesn’t always get the priority it requires, with contractors often wondering whether it is really necessary to take out a contract works policy at all. Very often the contract works policy is arranged at the last minute, or even after the project has already started.

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