CONTRACTORS/SUPPLIERS/ CONSULTANTS INSURANCE

PROFESSIONAL INDEMNITY INSURANCE

This insurance is highly recommended for professionals, such as consulting engineers; legal consultants; management consultants employed for their consultancy/advisory services. The purchase of this insurance could be made compulsory before any of such professionals is employed.

This provides compensation to the insured for legal liability arising out of negligent advice or services rendered to clients.

BONDS

Contractual terms may require that you take up specific insurance guarantees concerning the performance of your obligations under the contract. This is the subject of the following insurance, which we also provide.

- Advance payment bond
- Performance bond
- Bid bond
- Retention bond
- Customs bond

CONTRACTORS ALL RISKS INSURANCE

Most contract agreements do require the contractor to effect contract of insurance not for material damage alone but also for liability to the Principals and third Parties also.

This class of insurance covers all risks of loss or damage to the contract works and the insured's property at site including payment of compensation for legal liability incurred by the insured as stated below:-

SECTION 1: Material Damage

- (a)Contract Works (Permanent & Temporary works including all materials to be incorporated ..therein) whilst at the site.
..(b)Materials or items supplied by principal.

- Equipment, Machinery and stationery plant whilst at the site.

- Clearance of Debris (limit of liability).

- Architects' surveyors' and consulting engineers' fees necessarily incurred by the insured with ..the consent of the insurers in the reinstatement or replacement of the property insured by ..items 1,2,3,.

- Employees' personal effects and tools whilst on the site of the contract subject to a limit ..anyone employee.

SECTION II : LIABILITY

Legal liability incurred for death or bodily injury or damage to third party property resulting from the execution of contract works.
3rd party property Damage - Death/Bodily injury Unlimited

We are prepared to extend the policy to include the followings at no extra cost:-

- Riot, strike & civil commotion
- Maintenance period clause
- Consequence of defective design/materials & workmanship
- Expediting works clause
- Cross liability
- Transit cover.

Where an open cover is required the sums insured should be an estimated annual figures whilst contracts executed during the period will be declared for premium adjustment purposes.