This insurance provides cover against physical loss or damage to work executed and site materials and against the reasonable cost or removal and disposal of debris and any shoring or propping of the Works which results from such physical loss or damage but excluding the cost necessary to repair replace or rectify.
Subject to the terms, conditions and exclusions of insurers policy wording.
The Contract Conditions stipulate the extent of insurance cover required, and who is responsible for arranging it.
Types of Policy
Single Contract Basis. This is where insurance cover is arranged for the individual contract. Cover ceases at the completion date of the contract.
Annual Renewable Basis This is now the most popular cover as the policy covers all contracts undertaken in a year.
The Premium is calculated on the estimated contract price or turnover and then adjusted by declaration at the end of the period of insurance.