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The Engineering and Construction policy provides cover against sudden and accidental damage to plant, goods, machinery, or any other problems which may arise in a building project and contract work. It consists of the following policies:
Tender Bond
A bond entered into by a company which is tendering a contract. The purpose of the bond is to provide security that the company will fulfill its obligations under the tender.
Advance Payment Bond
An advance payment bond is a guarantee supplied by a party receiving an advanced payment to the party advancing the payment (principal). It provides that the advanced sum will be returned if the agreement under which the advance was made cannot be fulfilled.
Performance Bond
Performance bond covers against failure to complete a contract work due to insolvency or default, or inability to honor a contract awarded.
Retention Bond
Retention bond protects the customer after a job or project is finished. It guarantees that the contractor will carry out all necessary work to correct structural and/or other defects discovered immediately after completion of the contract, even if full payment has been made to the contractor.
Contractors All Risk
The policies covers against all risks associated with a construction project: damage or loss of contract work, construction plant, equipment, and construction machinery. It also covers third party claims in respect of property damage and/or personal injury arising out of or in connection with the execution of the contract.
Deterioration of Stock
The policy covers against deterioration of stock in cold storage occurring as a result of a rise or fall in cooling temperature, the unforeseen or sudden escape of refrigerants into the cold storage rooms or directly resulting from any material damage to the refrigerating plant.
Machinery Breakdown
The policy covers against loss due to accidental and mechanical breakdowns due to internal and external causes.
Significant exclusions are losses from fire and allied perils, theft, overloading, negligence and deterioration from normal use.
Machinery All Plant
The policy covers against damage to plant, boilers, and other mechanical equipment at work, at rest or during mechanical operations.
The policy covers against damage to plant, boilers, and other mechanical equipment at work, at rest or during mechanical operations.
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