PROPERTY & PECUNIARY INSURANCE

Presented To:

Sir Zulfiqar Ali Khan

Presented By : Tayyaba Rafique Mi09MBA049

TOPIC

CONTRACTORS ALL RISK INSURANCE

Table of Contents

Sr. No 1 2 3 4 5 6 7 8 9

Description History of property Insurance History of contractors all risk policy General conditions General exclusions Period of cover Sections Companies visited Document attached Annexure

Page No. 3 7 9 10 10 11 11 11 12

INTRODUCTION
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The History of Property Insurance

Long ago, we figured out there is strength in numbers. For hundreds of years, people have been joining forces against all kinds of calamities including financial troubles. The concept of insurance is simply that if enough people can pool their money to form a large enough fund, then together we can handle practically any financial disaster. Your motivation for contributing to this fund is your own eligibility to draw from it if the disaster happens to be yours. One for all and all for one, so to speak

Insurance for Property, Life, Auto, Health, Etc.

Today, virtually all heads of families should carry life insurance just like the prudent Romans. Most financial advisors also recommend the following types of policies: automobile, health, homeowners, personal liability, professional liability and/or malpractice, disability, and long-term-care insurance.

Carefully Consider Insurance Needs before Purchase

Purchasing individual or family insurance coverage is an important financial decision probably one of the most important you will make. A great deal of study and advice are needed to choose wisely. A few basic guidelines can safely be applied to most customers. Beyond these, each individuals needs are unique and should be carefully assessed by an expert. 1. How much insurance do you need? Dont insure yourself against misfortunes you can pay for yourself. Why gamble all that money that misfortunes will happen? If they dont, youre
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way ahead. If they do, it will usually cost you less in actual costs than the insurance premiums you would have paid. 2. What kind of policy is best? Broader is better. Cover as many misfortunes as possible with a single policy. Carefully examine policies that exclude coverage in certain areas. These are called policy exclusions. 3. From whom should I buy it? Consider buying from financially strong companies. You may save by buying multiple policies from the same agent. Shop carefully. There is strength in unity. Join the party, but only buy what you need.

Contractor Insurance
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An increasing number of people in the workforce are contractors. If as a business owner you use contractors you have to ensure that they have contractors insurance in the event of damage or injury caused by them on your property. As a contractor you would need contractor insurance to protect yourself from claims made against you directly and any legal costs incurred even if you are wrongfully sued.

What typically does a contractor insurance policy cover?

Contractor insurance generally has three parts to it, a schedule to cover you, a schedule to cover the company or person you are contracted to and a schedule to cover any member of the public affected directly by your work as a contractor. In each of the categories, there should be a full protection option available from your provider against accidental damage caused to equipment and property and full liability protection covering medical, legal and compensation costs.

Who is a potential candidate for contractor insurance?

Contractor insurance is an option to anyone who contracts their services to other companies. Some companies are more likely to use you if you have a contractor insurance policy in place to protect them from any issues. Contractor insurance cover is mandatory if you want to contract to a governmental organization on a federal, state or even city level. Without contractor insurance you have no chance of being asked to supply services to government. You basically have a responsibility over the work you provide to your client and contractors insurance protects you and them from and resulting issues.

CLAUSES IN POLICY DOCUMENT

GENERAL Conditions
The due observance and fulfillment of the terms of this policy in so far as they relate to anything to be done or compiled with by the insured and the truth of the statements and answers in the questionnaire and proposal made by the insured shall be a condition precedent to any liability of the insurers. 1. The Schedule 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 2. The insured shall at his own expense take all reasonable precautions and comply with all reasonable recommendations of the Insurers to prevent loss, damage or liability and comply with statutory requirements and manufacturers recommendation. 3. (a) Representatives of the Insurers shall at any reasonable time have the right to inspect and examine the risk and the insured shall provide the representative of the insurers with all details and information for risk assessment. (b) The insured shall notify the insurers by telegram and in writing of any change in the risk and cause at his own expense. 4. In the event of any occurrence which might give rise to a claim under this policy , the insured shall :a) Immediately notify the Insurers by telephone or telegram as well as in writing b) Take all steps within his powers to minimize the extent of the loss or damage c) Preserve the parts affected and make them available for inspection d) Furnish all information and documentary evidence e) Inform the policy authorities in case of loss or damage due to theft or burglary. 5. If at the time any claim arises under the policy there be another insurance covering the same loss, damage or liability the Insurers shall not be liable to pay or contribute more than their ratable proportion of any claim for such loss.
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GENERAL Exclusions
The Insurers will not indemnify the Insured in respect of loss , damage or liability directly or indirectly caused by or arising out of or aggravated by : War , invasion, act of foreign enemy, hostilities , civil war , rebellion, revolution, insurrection, mutiny, riot, strike, lock out, military power, a group of malicious persons , conspiracy etc. Nuclear reaction, nuclear radiation or radioactive contamination. Willful act or willful negligence of the insured or of his representatives. Cessation of work whether total or partial.

Period of Cover
The liability of Insurers shall commence, notwithstanding any date to the contrary specified in the Schedule, directly upon commencement of work or after the unloading of items entered in schedule at the site. The Insurers` liability expires for parts of the insured contract work taken over or put into service. At the latest the insurance shall expire on date schedule. Any extensions of Period of Insurance are subject to the prior written consent of the Insurers.

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SECTION: 1
1-MATERIAL DAMAGE POLICY NO. 2-SPECIAL EXCLUSIONS 3-SUM IN SURED 4-BASIS OF LOSS SETTLEMENT

SECTION: 2
THIRD PARTY LIABILITY

COMPANIES VISITED
1. ATLAS INSURANCE COMPANY 2-EASTERN FEDERAL UNION INSURANCE CO.LTD 3. EFU-GENERAL INSURANCE LTD. 4. ADAMJEE INSURANCE COMPANY 5. SILVER STAR INSURANCE COMPANY

DOCUMENTS ATTACHED
A-PROPOSAL FORMS B-POLICY DOCUMENT C-CLAIM FORM

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ANNEXURE

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