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What is Contract Works Insurance?
There is a policy which covers and unforeseen or accidental loss or damage which is not specifically excluded in the policy.
It comprises 3 sections:
Section I: Building and Civil Engineering Works
Section II: Machinery Erection
Section III: Third Party Liability
How much is my premium?
Your premium may vary, depending on:
Building construction and surrounding area
Risk management such as fire protection and so on
Extension coverage as agreed such as burglary and loss of money in the insured premise, etc
For further details and quotation, you can contact us.
CONTRACT WORKS INSURANCE POLICY
Provided always that the due observance and fulfilment of the terms, conditions and exceptions of this Policy in so far as they relate to anything to be done or complied with by the Insured and the truth of the statements and answers in the proposal(s) shall be conditions precedent to the right of the Insured to recover hereunder.
The Schedule and the Section(s) shall be deemed to be incorporated in and form part of this Policy and the expression ‘this Policy’ wherever used in this contract shall be read as including the Schedule and the Section(s). Any word or expression to which a specific meaning has been attached in any part of this Policy or of the Schedule or of the Section(s) shall bear such meaning wherever it may appear.
1. The Insured at his own expense shall take all reasonable precaution to prevent loss, damage or liability and to comply with sound engineering practice, statutory, requirements and manufacturers’ recommendations designed to ensure the safe working of plant and equipment. The Insured shall also maintain in efficient condition all contract works, construction plant, equipment and construction or erection machinery insured by this Policy.
2. The Insured shall immediately notify the Insurers in writing of any material change in the risk insured hereunder; in such case continuance of the insurance shall be subject to terms and conditions to be agreed.
3. Representatives of the Insurers shall at any reasonable time have access to the site or premises and to all pertinent data, documents, drawings, etc. and shall have the right to inspect any property insured.
4. In the event of any occurrence which might give rise to a claim under the Policy, the Insured shall:
4.1 Immediately notify the Insurers by telephone or telegram as well as in writing and supply all such particulars and proofs of claim as may be required by the Insurers;
4.2 Take all steps within his power to minimise the extent of the loss or damage;
4.3 Preserve the damaged property and make it available for inspection by a representative or surveyor of the insurers;
4.4 Inform the police authorities in case of loss or damage due to theft or burglary;
4.5 Send to the Insurers immediately on receipt any writ, summons or other proceedings which may be commenced against the Insured.
The Insurers shall not in any case be liable for loss, damage or liability of which no notice has been received by the Insurers within 14 days of its occurrence.
Upon notification being given to the Insurers under this condition, the Insured may carry out the repairs or replacement of any minor damage; in all other cases a representative of the Insurers shall have the opportunity of inspecting the loss or damage before any repairs or alterations are effected. Nothing herein shall prevent the Insured from taking such steps as are absolutely necessary for the security and continuation of the contract work.
The Insured shall not be entitled to abandon any property to the Insurers whether taken possession of by the Insurers or not.
5. The Insured shall at the expense of the Insurers do and concur in doing and permit to be done all such acts and things as may be necessary or required by the Insurers in the interest of any rights or remedies, or of obtaining relief or indemnity from parties (other than those insured under this Policy) to which the Insurers shall be or would become entitled or subrogated upon their paying for or making good any loss or damage under this Policy, whether such acts and things shall be or become necessary or required before or after the Insured’s indemnification by the Insurers.
6. In case of any dispute, arguement or appeal having been existed under the insurance policy between the claimant and the company and that if the claimant desires or finds it necessary to stop dispute by arbitrator, the company must conform on it and to let it be considered and judged under the said system as per the resolution made by the Insurance Department.
7. In the event of
7.1 Material change in the risk;
7.2 The termination of the Contract by the Principal,
7.3 Withdrawal form the Contract by any main Contractor;
7.4 Stoppage of work occasioned by any other cause, except seasonal interruption, for a period exceeding one calendar month;
This policy shall be avoided unless its continuance be admitted by endorsement signed by and on behalf of the Insurers.
8. This insurance is not to be called upon in contribution and is only to pay any loss hereon if and so far as not recoverable under any other insurance.
For more information , please kindly contact our staff tel. 0-2686-8888 (Thai) , 0-2686-8889 (Japanese)
3. Cost of replacement or rectification of defective material and/or workmanship, but this exclusion shall be limited to the part or parts immediately affected and shall not be deemed to exclude loss or damage resulting from an accident due to such defective material and/or workmanship;
4. Wear and tear, corrosion, oxidation, deterioration due to lack of use and normal atmospheric conditions;
5. Mechanical and/or electrical breakdown or derangement of construction plant and construction machinery;
6. Loss of or damage to vehicles licensed for general road use or waterborne vessels or aircraft;
7. Loss of or damage to files, drawings, accounts, bills, currency, stamps, deeds, evidences of debt, notes, securities or cheques;
8. Loss discovered only at the time of taking an inventory.
SECTION II MACHINERY ERECTION
The Insurers shall not be liable for:
1. Loss or damage due to faulty design, defective material or casting, bad workmanship other than faults in erection;
2. Normal making good;
3. Wear and tear, corrosion, oxidation, deterioration due to lack of use and normal atmospheric conditions;
4. Mechanical and/or electrical breakdown or derangement of erection machinery and erection equipment;
5. Loss of or damage to vehicles licensed for general road use or waterborne vessels or aircraft;
6. Loss of or damage to files, drawings, accounts, bills, currency, stamps, deeds, evidences of debt, notes securities, cheques, packing materials such as cases boxes and crates;
7. Loss discovered only at the time of taking an inventory
SECTION III THIRD PARTY LIABILITY
The Insurers will not indemnify the Insured in respect of
1. Expenditure incurred in repairing or replacing any work or property covered or coverable under Section I and/or II of this Policy;
2. Damage to any property or land or building caused by vibration or by the removal or weakening of support or injury or damage to any person or property occasioned by or resulting from any such damage.
3. Bodily injury to or illness of employees or workmen of the Contractor (s) or the Principal or any other firm connected with the contract work or members of their families;
4. Loss of or damage to property belonging to or held in care, custody or control of the Contractor (s), the Principal or any other firm connected with the contract work or an employee or workman of one of the aforesaid;
5. Any accident caused by vehicles licensed for general road use or by waterborne vessels or aircraft;
6. Any contract or agreement unless such liability would have attached in the absence of such contract or agreement;
7. Technical or professional advice given by the Insured or by any person acting on behalf of the Insured.
These plans are subject to the supervision and administration of Tokio Marine Insurance (Thailand) PCL by plan coverage and benefits thereof, all of which are subject to the requirements of the company. It used to be for reference only