Who is insured under a Contractors All Risks Insurance?

Under a Contractors All Risks Insurance, Elmo provides cover for both the property owner and the contractors that are executing the work 

Is the Contractors All Risks Insurance for duration for one year?

Unlike other policies, the Contractors All Risks Policy is issued for the duration of the contract period that is from commencement works until completion of works. Although it is possible to extend the policy period in case of delay in completion of contract, it is always advisable to choose a slightly longer period of Insurance initially, to avoid paying the higher extension premium  

How is the Sum Insured of contract works determined?

The sum insured of the contract value should represent the total contract value including the estimated cost of labour charges and cost of materials up to shell form.  Should you wish to extend the policy up to finished form, the cost of the finishing should also be included 

Is everything covered under the Contractors All Risks Policy?

The Contractors All Risks Policy covers accidental and unforeseen damages - it does not cover damages which may be considered as inevitable having regard to the work to be executed or the planned method of execution.  We consider the following examples to fall outside the scope of cover:

  • Settlement cracks or cracks in wall tiles
  • Settlement in floor tiling
  • Water penetration into properties adjacent or adjoining the contract site (whether owned by the site owners or otherwise) unless adequate precautionary measures have been taken
  • Damages caused to rubble walls
  • Damages resulting in wells or swimming pools
  • Existing damage prior to commencement of contract works

How is frozen food insured?

Stocks are usually insured under material damage Insurance against accidental damage including fire, theft and other perils. In conjunction with this policy, we can provide deterioration of stocks insurance which covers damages to refrigerated / frozen food due to breakdown of the refrigeration plant or accidental failure of the electrical supply.  The damage to the machinery would be covered under the Machinery Breakdown Insurance

If an accident occurs, when should the insurer be notified?

You should notify us as soon as possible following an accident in order to enable us to provide you with the immediate assistance. Please contact us on 2343 0000 or info@elmoinsurance.com  

Should losses that are within the deductible be reported?

If the loss is confirmed below the deductible, it is not necessary to report the loss to us. If you are not sure of the final loss amount or the amount of the deductible, we recommend that you contact us for guidance