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CONTRACTOR’S ALL RISKS /THIRD PARTY LIABILITY

Type

: Single Project CAR plus Third Party Liability Insurance

 

 

 

Assured

:

M/S Reema Capital Contracting LLC as main contractor & or Eisa

 

 

Saeed Eisa Al Khaili as principal & or Shadid Eng. Consultant as

 

 

consultant & or all their sub-contractor for their respective rights.

Business

:

Contracting Company

Scope of Works

:

Construction of G+3 Podiums +18 Typical Floors+Roof “Duplex”

 

 

(Main work at proposed Building for Mr. Eisa Saeed Eisa Al Khaili

 

 

on plot No. BB,A05.025 at Business Bay, Dubai, UAE

 

 

 

Site of Construction / Location

:

Mr. Eisa Saeed Eisa Al Khaili on plot No. BB,A05.025 at Business

 

 

Bay, Dubai, UAE

 

 

 

Territorial Limits

:

United Arab Emirates

 

 

 

Jurisdiction

:

United Arab Emirates

 

 

 

Period

:

24 months (12 months from DTA + 12 months maintenance period)

 

 

 

Coverage

 

SECTION I - MATERIAL DAMAGE

 

 

Any unforeseen and sudden physical loss or damage to

 

 

insured items (as mentioned hereunder) from any

 

 

cause other than those specifically excluded.

 

 

SECTION II - THIRD PARTY LIABILITY

 

 

Indemnity against such sums which you will become legally

 

 

liable (other than those specifically excluded in the Policy) to

 

 

pay as damages consequent upon:

 

 

a. Accidental bodily injury to or illness of Third Parties.

 

 

b. Accidental loss or damage to property belonging to Third

 

 

Parties.

Also Insurance Company will indemnify you against:

a.All costs and expenses of litigation recovered by any claimant from you.

b.All costs and expenses discussed with written consent of

 

 

Insurance Company

 

 

 

Sum Insured

: Section I – Material Damage

 

 

 

 

Contract Value

AED. 83,500,000/-

 

 

 

Removal of Debris

AED 50,000/-

 

 

 

Existing Property

AED 1,000,000/-

 

 

 

Temporary Facility

AED 500,000/-

 

 

 

Section II – Third Party Liability

 

 

 

 

 

 

 

 

 

 

 

Combined single Limit of Indemnity: AED 1,000,000 any one

 

 

 

 

occurrence & in the aggregate

 

 

 

 

 

 

Deductibles

 

:

Section I – Material Damage

 

 

 

 

a)Dhs 25,000/- each and every loss for Act of God, Fire &

 

 

 

 

Designer’s Risks.

 

 

 

 

b) Dhs 15,000/- each and every loss for Others.

 

 

 

 

c)Dhs 10,000/- each and every loss for Vibration, Removal or

 

 

 

 

Weakening of Support.

 

 

 

 

d) Dhs.7, 500/- each and every loss for Underground

 

 

 

 

Properties.

 

 

 

 

Section II – Third Party Liability

 

 

 

 

c) Dhs 5,000/- each and every loss for property damage.

 

Conditions

:

 

As per Munich Re Erection All Risk/ Third Party Liability

 

 

 

 

wordings plus the following:

 

 

 

 

Strike Riot and Civil Commotion

 

 

 

 

Cover for Cross Liability (MRE 002)

 

 

 

 

Extended Maintenance Cover

 

 

 

 

Expediting Expenses up to a limit of Dhs. 250,000 any one

 

 

 

 

occurrence.

 

 

 

 

Cover for extra charges for Airfreight (MRE 006) (limit: 20% of

 

 

 

 

claim amount each and every loss, subject to a maximum of

 

 

 

 

Dhs 200,000)

 

 

 

 

Cover for testing of Machinery and Installation -8 weeks

 

 

 

 

Inland Transit Risk limited to AED 300,000 any one occurrence

 

 

 

 

and in the aggregate (MRE 113)

 

 

 

 

Cover for designers risk (MRE 115)

 

 

 

 

Cover for insured contract works taken over or put into service

 

 

 

 

(MRE 116)

 

 

 

 

Vibration, Removal or Weakening of support (MRE 120) up to

 

 

 

 

Dhs 500,000 any one accident and in the aggregate, subject to

 

 

 

 

a deductible of 10% of amount of claim with a minimum of Dhs

 

 

 

 

10,000.

 

 

 

 

 

Automatic Reinstatement Of Sum Insured subject to additional

 

 

 

 

premium not less than prorate to be agreed

 

 

 

 

Automatic extension clause up to 30 days, subject to loss ratio

 

 

 

 

below 60% and additional premium not less than prorata or to

 

 

 

 

be agreed.

 

 

 

 

Professional fees clause: limit 20% of claim Amount subject to

 

 

 

 

maximum of AED 100,000

 

 

 

 

Escalation Clause

 

 

 

 

Temporary Work Clause

 

 

 

 

Debris removal Clause with a maximum limit of AED 50,000

 

 

 

 

any one occurrence and In the aggregate

 

 

 

 

Time Adjustment Clause (72 hours clause)

 

 

 

 

 

 

 

 

Plans and documents Clause

 

 

Local Authorities Clause

 

 

Temporary Repairs up to AED 500,000

 

 

Designation of Property

 

 

Primary Insurance Clause

 

 

Payment on account Clause

 

 

Cover for Third Party Liability during maintenance period

 

 

 

Exclusions

:

Electronic data endorsement (NMA 2914)

 

 

Including Liability while equipment are used as Tools of Trade.

 

 

Political Exclusion Clause

 

 

War & terrorism exclusion clause (NMA 2919)

 

 

Nuclear risk exclusion clause (NMA 1975)

 

 

IT Clarification Clause

 

 

Asbestos Exclusion clause

 

 

Wet risk/offshore risks

 

 

CPE unless specifically declared and agreed

 

 

Willful act or willful negligence of the insured or of his

 

 

representative

 

 

Consequential loss of any kind

 

 

Products and completed operations

 

 

Pure Financial loss

 

 

Excluding any loss or damage arising from Bad workmanship

 

 

and existing defects in structure or cracks or subsidence in

 

 

structure or corrosion in steel

 

 

Excluding fines, punitive and liquidated damage

 

 

Warranted that work areas to be cordoned off and no visitors

 

 

area allowed entry to such areas unless authorized

 

 

No smoking within construction site instruction to all the

 

 

staff/workers

 

 

 

Premium/Rate

:

0.3%o being an annual premium of AED 25,515/-Plus Dhs. 50/-

 

 

Policy