The regulation for the project building insurance
1. Subjects that cover constructions:
The construction works include public buildings, housing, industrial, transportation, irrigation, energy, and other works.
- Construction equipment has to contribute to serve the construction process;
- Part of the installation service, and / or constitute a part of the construction process;
- Assets that are available on the site and the extent of ownership, management, supervision and control of the insured;
- Responsibility for the third person.
2. Coverage of construction works:
Part I: Physical loss (buildings)
The money to make up for the cost of replacement, repair, fix any part of the subjects covered or any part of the property which is insured, as well as get the physical loss
Part II: Liability for third parties
The insurer who will compensate the amount for the insured person must be responsible in relation to:
● - Injury or sudden illness to a third party (whether dead or not)
- Unexpected loss to the property of a third person,
3.Ben insured and the insured construction
The insurance buyers and the insured shall be construed as follows:
● The insurance buyers are investors (or project management). Insurance buyers may also be insured.
● The insured is held with personal property, and the civil liability is insured under the insurance contract.
4. The construction site insurance contract
Insurance agreements between insurance buyers and insurance business are demonstrated based on the contracts. The insurance contract includes insurance rules that will require insurance certificate, and the terms of the amendment, supplement insurance policy (if any).
5. The insurance claims constructions
When having any insurance claims, insurance buyers must send paper of insurance claims in the form of some construction insurance law. The required insurance certificate is an integral part of the insurance contract.
6. The construction insurance certificate
Certificate of insurance as proof of the conclusion of the insurance contract and is an integral part of the insurance contract. Certificate of insurance shall be made in the form prescribed in Appendix 2 (attached insurance Rules).
7. Term for the construction work insurance
Responsibilities of insurers will start at the beginning of the project or from the insured items named in the insurance policy of the school that is unloaded, even though the time limit that is stated in the beginning of the insurance contract insurance may differ.
However, the insurance contract to build only really take effect after the insured has paid premiums written in the insurance contract, unless otherwise agreed in writing. Premiums are determined by insurance fee schedule construction specified in Annex 3 and construction insurance fee that is specified in the attached Appendix 4 of this insurance rules.
The insurance contract will terminate effectively on the date that is specified in the contract. All cases that provide extended coverage must be insurers agree in writing.
Hope that after reading this post, insurance buyers especially those people who work in the field of construction will get more knowledge in order protect themselves in case of there are any unexpected suitations.