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 of what’s not covered by a contractors all risk policy :
- Construction plant, equipment and tools
- Consequential loss – loss due to delay, loss of any kind or description whatsoever including penalties, lack of performance, loss of contract, liquidated damages
- Losses discovered when an inventory is taken
- Existing property – unless it’s been specifically included in the cover
- Faulty design, workmanship or materials
- Errors and omissions
- Stoppage of work whether total or partial
- Willful acts or willful negligence of the Insured or of his representatives
- Political acts ( these are insured under SASRIA)
- The excess or the deductible stated in the Schedule
