Material Damage

The Material Damage section of the Contractor's All Risks Insurance policy provides coverage for unforeseen and sudden physical loss or damage to the insured property during construction. This can include damage caused by various factors, such as accidents, natural disasters, theft, or vandalism, among others. The policy will cover the cost of repair or replacement up to the limit specified in the policy, ensuring that the contractor can continue with the project without facing significant financial losses due to unexpected damages.

It is important to note that certain causes of damage may be specifically excluded from the policy. These exclusions will be clearly outlined in the policy documents, and it is essential for contractors to understand and consider these when evaluating the coverage provided by the Contractor's All Risks Insurance.

Third Party Liability

The Third Party Liability section of the Contractor's All Risks Insurance policy provides coverage for the contractor's legal liability to pay damages in the event of;

  1. Accidental bodily injury or death of third parties: If a contractor is found to be legally liable for accidental bodily injury or death of a third party, the policy will cover the damages up to the specified limit in the policy. This ensures that contractors are protected from the financial impact of such claims.
  2. Accidental loss of or damage to property belonging to third parties: Contractors may also be held legally liable for accidental damage to third-party property that occurs in direct connection with the construction project. This coverage will indemnify the contractor for such damages up to the specified limit in the policy, allowing them to continue their operations without facing significant financial losses due to third-party property damage claims.

PAX Insurance's Contractor's All Risks Insurance is a comprehensive policy designed to protect contractors during construction projects by covering material damage and third-party liability risks. By choosing PAX Insurance for your Contractor's All Risks Insurance needs, you can focus on completing your projects with confidence, knowing that you are protected from potential financial losses due to unforeseen events.