Underwriting iNFORMATION

Contractors’ All Risks Insurance

This product is underwritten by Fidelidade Macau - Insurance Company Limited

Wherever there is the construction of buildings, bridges or other works, there is a risk of loss or damage. The contract governing the works will place the responsibility for this loss or damage with either the Contractor or Employer. The Contractors All Risks insurance policy can protect either party against the cost of this loss or damage.

The period of insurance should be equivalent to the period of contract, commencing from the date of unloading of the first batch of material at the site of construction and expiring on the date of handing over of the contract work to the principal. Although it is possible to extend the policy period in case of delay in completion of contract, it is always advisable to choose a slightly longer period of insurance initially, to avoid paying the higher extension premium.

The above product information is for reference only.
Please contact us for further details about the product and how to apply for it.

The policy comprises of two sections:

Section I – Material Damage
Under this section the policy covers the physical loss, damage or destruction of the property insured by any cause, other than those specifically excluded in the policy.

The sum insured selected under this section should represent total contract value including the estimated cost of labour charges and cost of materials but excluding profit.

Section II – Third Party Liability
Under this section the policy covers the legal liability falling on the insured contractor as a result of bodily injury or property damage belonging to a third party.

The sum insured under this section should represent the per accident limit (the maximum legal liability that may fall on the insured as a result of an accident in the insured's site). The limit per policy period should be fixed taking into account the maximum number of such accidents which can reasonably be expected to occur.

The proposal for insurance shall contain the following particulars:

  • Identification of the contractor and developer
  • Name of all insured parties
  • Detailed description of work
  • Insured period which includes construction period
  • Site location
  • Total contract value
  • In respect of section II, the limit of indemnity
  • Any other as requested by us