Contractors All Risk
Within the construction industry, material damage insurance for building or machinery erection projects is normally arranged as “Contractors All Risks” or “Erection All Risks”. The policy protects the interests of the Principals, Contractors, Sub-Contractors and all other parties working on site.
Cover can be arranged individually for larger projects, or under an ‘Annual Floater’ policy to cover all works in progress during a 12 month period. Such cover includes physical loss or damage to the Contract Works & Temporary Works. It may also encompass other items such as:
Free issue materials
In addition, cover can be arranged to include such items as Third Party Liability, damage to surrounding property of the Principals arising from the construction works, transit, offsite storage, etc.
RJ Langman has more than 30 years experience in arranging Contractors All Risks cover within the construction industry. The company has been involved in the construction of power stations, refineries, bridges, factories, dams, housing estates, high rise apartment blocks and many other major projects. At present, Langmans is working on a new insurance programme for an exciting new waste to energy product with potential sites around the world. RJ Langman’s long term international experience, puts it in a unique position to handle such business.
Advanced Loss of Profits Insurance
For commercial projects, special consideration must also be given to protecting the Principals and/or Financiers against future loss of profit or standing charges, arising from a delay in completion of the project as a result of material damage under the Contractors All Risks Policy. These are known as “Advanced Loss of Profits” or “Delay Start Up” policies. They are normally placed in conjunction with the material damage cover.
For more information, contact Roger Wisdom, David Burley, or Roy Langman on 020 7538 0959 or send an email enquiry here.