On the basis of a combined contractors’ all risks and erection all risks insurance, the CP insurance policy provides comprehensive and risk-commensurate insurance protection for all projects involving the construction and erection of buildings, machine installations, plants, and steel structures throughout the project phase.
The scope of cover is of very broad design modelled on the CAR and EAR insurance policies customary in international insurance markets. With the exception of a few standard exclusions, the cover embraces just about every sudden and unforeseen case of material damage to insured construction and erection objects during the agreed construction, erection, testing, and maintenance periods on the construction site. Supplementary endorsements can be applied to adjust the scope of cover to meet individual requirements.
In order to do justice to the concept of a comprehensive project-related insurance, the CP insurance policy can also be extended to include a construction machinery insurance and a third party liability cover for bodily injury or material damage to third parties. Furthermore, the CP insurance policy can also be supplemented with delay in start-up cover and marine insurance on the basis of the Institute Marine Cargo Clauses customary in the international marine market.
MRe CPI Comprehensive Project Insurance Policy and Clauses
Original Sources : Munich Re, IMIA
