Covers the work to be executed in accordance with the contract, temporary works, materials, construction plant and equipment brought into the site and liabilities arising out of the performance of the contract.
The cover commences directly upon commencement of work or after the unloading of the property insured at the contract site and expires for parts of the insured contract works taken over or put into service or expiry date of the policy whichever shall be earlier.
- Section I - Material Damage
Covers sudden and unforeseen physical loss or damage in respect of all the risks involved in the erection and installation of machinery, plant and steel structure of any kind during a project. - Section II - Third Party Liability
Covers the liability of the Insured against any liability in respect of third party bodily injury or property damage arising out and in the course of the project works.
In case of plant and machinery, the policy can be extended to cover testing and expires after the first test operation or test loading is completed, or after taking over or expiry date of the policy whichever shall be earlier.
The benefit(s) payable under eligible product is protected by PIDM up to limits. Please refer to PIDM’s TIPS Brochure or contact Berjaya Sompo Insurance Berhad or PIDM (visit www.pidm.gov.my)
Major Exclusions
- War, civil war and any act of terrorism
- Radioactive and nuclear energy risks
- Willful acts or willful negligence
- Wear and tear
- Faulty design
- Mechanical and/or electrical breakdown or derangement of construction plant and machinery
- Consequential loss of any kind, including penalties, losses due to delay, lack of performance, loss of contract
- Seepage, Pollution and Contamination
Note: This list is non-exhaustive. Please refer to the Policy Contract for the full list of exclusions.
