Project Specific Insurance (JCT)
We have arranged a specialist scheme providing Contract Works Insurance for construction and engineering projects valued up to £100m anywhere within the European Union.
Currently underwritten by Zurich Insurance plc, this is the largest scheme of its kind in the London Insurance Market, providing the most comprehensive and flexible scope of cover, at a highly competitive premium. It has been in existence for more than 20 years and provided cost-effective cover for thousands of one off construction projects.
The scheme provides access to consultants who specialise in the insurance aspects of building contracts and associated agreements. As required, they will analyse the key risks of the project and offer practical solutions, advising on such matters as indemnity, insurance, force majeure, time extensions, liquidated damages, apportionment of risk, and redrafting contract clauses to achieve risk transfer. If you wish, they can handle your account until expiry of the project and provide dedicated claims handling.
Continually enhanced since its establishment, the scheme offers extensions for Additional Cost of Working, Increased Cost of Working, Loss Minimisation Expenditure and Temporary Repair Costs, providing £2.5m worth of cover.
Cover can be extended to include third party liability and products liability, which is not on an ‘accidental’ basis, does not exclude contractual liability, and operates for losses happening or consequent upon a cause occurring during the insured period. As required, the scheme can also provide non-negligent liability; existing/retained structures; construction plant & equipment; terrorism; and delay in start-up.
Following receipt of a Project Insurance Questionnaire, terms can often be provided within 48 hours.
Our team are experienced in contract wordings, such as JCT (Joint Contracts Tribunal), ICE (Institution of Civil Engineers) CPA (Contract Plant- Hire Association) and HAE (Hire Association Europe) conditions for hired in plant.
To discuss your requirements, please call our Commercial Team on 01992 703001.