4、 Circumstances where the insurance company is not responsible for compensation: Exclusions are situations where the insurance company is not responsible for compensation: any property, land, or building damage caused by vibration, movement, or weakening of support, as well as any personal injury and material loss caused thereby; 1.
It is not difficult to find that all risks are the most widely covered type of insurance among basic, comprehensive, and all risks, but from the perspective of the insured, the insured items, the insurance liability, and the insurance period, they are not equal to covering “everything”.
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In addition, by comparing the three types of property insurance: basic insurance, comprehensive insurance, and all risks, the insurance coverage of property all risks is the most extensive.
Storm, rainstorm, flood, flood, frost, hail, landslip, landslide, avalanche, volcanic eruption, ground subsidence and other natural phenomena with irresistible destructive power.
From this point of view, construction all risks insurance is different from “everything” as its name implies.
5、 Period of Insurance for Construction All Risks Insurance This insurance liability shall commence upon the commencement of the insured project on the construction site or upon the arrival of the materials and equipment used for the insured project at the construction site, and shall terminate upon the issuance of a completion acceptance certificate or acceptance certificate by the project owner for some or all of the project, or upon the actual possession or use or receipt by the project owner of such part or all of the project, whichever occurs first.
Accident: refers to unexpected events that are beyond the control of the insured and cause material loss or personal injury, including fire and explosion.
Accidents caused by vehicles, ships, and aircraft with public transport driving licenses; 4.
The Company is also responsible for compensating the insured for litigation costs and other expenses paid with the prior written consent of the Company due to the above reasons.
1、 Who is the object of construction all risks insurance? The term “insured” refers to the person whose property or person is protected by the insurance contract; The applicant may be the insured who has the right to claim insurance benefits.
As the most widely used type of engineering insurance in practice, engineering all risk insurance often encounters the question: “Everything”, what is the significance of other types of insurance? In fact, this “everything” is not that “everything”.
Installation All Risks Insurance is a sister type of construction All Risks Insurance, applicable to the installation of various equipment and devices (including electrical, ventilation, water supply and drainage, and equipment installation, etc.).
All Risks is the abbreviation for Property Insurance All Risks, which refers to direct material damage or loss caused by natural disasters or accidents.
（2） Scope of liability for third party liability insurance: During the period of this insurance, the Company shall be responsible for the economic compensation liability that should be borne by the insured according to law for the personal injury, illness, or property loss of third parties within the construction site and adjacent areas caused by accidents directly related to the project covered by this insurance policy, and shall be liable for compensation in accordance with the following provisions.
Loss of property owned by or under the care and control of the project owner, contractor, or other related parties, or their employees or workers; 3.
As long as the direct material damage or loss of the subject matter of insurance is caused by natural disasters or accidents, the insurer is responsible for compensation in accordance with the provisions of the insurance contract.
It is worth noting that the construction personnel with the highest risk are not included in the scope of insurance coverage.
3、 What is the scope of liability covered by construction all risks insurance? Construction All Risks Insurance covers material damage and third party liability.
Personal injury, death, or illness of the project owner, contractor, or other related parties, or their employees, workers, and their family members engaged in work related to the project on the construction site; 2.
It covers various types of civil, industrial, and public utility construction projects, but has distinctive site characteristics: it only covers insurance liabilities that occur in the construction site and adjacent areas, and other areas are not covered by the insurance liability.
Engineering All Risks Insurance is a branch of Property All Risks Insurance, which is divided into Construction All Risks Insurance and Installation All Risks Insurance.
The following will take construction all risks insurance as an example (except for differences caused by different engineering characteristics, there is no essential difference between construction all risks insurance and installation all risks insurance in terms of policy structure, clause content, and insurance liability) to illustrate the “all” meaning of engineering all risks insurance.
In construction all risks insurance, there can be multiple insured persons under a single insurance policy, including the construction unit, general contractor, subcontractor, engineer, loan bank, and other relevant parties.
（1） Scope of liability for material losses: During the insurance period, if the insured property itemized in the schedule of this insurance policy is within the scope of the listed construction site, the company shall be responsible for compensating for material damage or loss (hereinafter referred to as “loss”) caused by any natural disasters or accidents other than those excluded by this insurance policy.
(General Conditions of Insurance Companies) Natural disasters: refer to earthquakes, tsunamis, lightning, hurricanes, typhoons, and tornadoes.
Construction All Risks Insurance is a comprehensive insurance that provides protection for material losses caused by natural disasters and accidents that may occur during the construction process of a project, as well as economic compensation liabilities for personal injury and property losses incurred by third parties in accordance with the law.
2、 Which projects can be insured against Construction All Risks Insurance? Construction All Risks Insurance is applicable to all housing and public works, especially residential and commercial buildings, hospitals, schools, and theaters; Industrial plants and power stations; Roads, railways, airports; Bridges, ship locks, dams, tunnels, drainage and irrigation works, canals, ports, etc.
“The compensation or other payments payable by the insured under an agreement with others, but even in the absence of such an agreement, the liability of the insured shall not be limited thereto.”.
Unlike property insurance basic insurance and property insurance comprehensive insurance, the compensation principle for all risks is “excluding all risks”, which means that as long as the loss is not caused by the exemption (deductible) risks listed in the exemption clause of the insurance policy, the insurance company shall bear the compensation liability.
