CONSTRUCTION
ANNUAL
MECON’s Annual Projects insurance policy combines both material damage and public liability. We offer the flexibility of policies which can operate on a turnover (transfer), run-off (contracts commencing) or individual declaration (pay as you go basis). We insure simple or complex projects whether they are owner-builder, residential, commercial, civil or mechanical.
The policy contains an automatic limit for:
- Access costs (complementing DE4)
- Claim Preparation costs
- Expediting expenses
- Leak search and locate costs
- Mitigation costs
- Plans, documents and data
- Professional fees
- Removal of debris
- Variations and escalation
The policy automatically includes:
- Care, custody or control (including Vehicles and mobile plant up to $100,000)
- Contractors, Subcontractors and Principals
- Contractual Liability
- Cross Liability
- Marine 50/50 (concealed damage)
- Off-site storage and transit (to the full sum insured)
- Products liability (including cover for previously completed projects)
- Resultant damage from faulty design, workmanship and materials (DE4)
- Testing and Commissioning (up to 4 weeks if specified in contract)
- Undamaged foundations
- Vibration weakening or the removal of support
- Waiver of subrogation rights
- 96 hours event clause
The policy can also be extended to include:
- Contract of sale extension
- Contractors Pollution Liability
- Contractors plant and equipment including hired-in plant (24 months “new for old” cover)
- Cover advantage
- Difference in conditions
- Display homes
- Earthworks Advantage
- Existing structures
- Financiers interests
- Partially completed projects
- Property in care custody or control
- Principal supplied materials