Page 21 - Interactive report Ar Site Practice
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INSURANCE OF WORK INSURANCE AGAINTS INJURY TO
➢ The works contract typically includes the PERSON AND PROPERTIES
party responsible for taking out and ➢ A policy that covers all risks
maintaining the required insurance, as well associated with a construction project,
as the minimum insurance coverage commonly issued under the joint
required. names of a contractor and a principal
➢ Insurance is a vital risk mitigation tool in client.
construction projects. ➢ Usually protects against the cost of
➢ Insurance is taken out due to a statutory, unforeseen loss or damage to building
regulatory or contractual requirement or as works, machinery movement, advanced
an additional measure of protection, parties business interruption and public
cannot afford to go without it. liability, installation and
constructional plant during the
construction period but can be
extended to included the maintenance
period.
➢ Cover can be included for tools,
plant owned by the policy holder or
plant hired in.
