Contractor’s All Risks (CAR) Insurance – Covers any unforeseen and sudden physical loss or damage from any cause (other than those specifically excluded) to contract works or construction plant, equipment and/or machinery (unless separately insured).
Erection All Risks (EAR) Insurance – This policy cover for Material Damage and Liability during erection and maintenance period for your project works comprising mainly of assembly of prefabricated elements or machines manufactured off-site.
Project Employer’s Liability Insurance – For accidents that occur at the project site managed/controlled/ undertaken by Principal, there is an obligation on the principal to deal with project-related injury by an accident of worker under Common Law and Section 13 of the WICA 2019.This insurance may be purchased to cover either the Principal’s liability and or the sub contractor’s liability.
Contractors’ Plant and Equipment Insurance – This policy covers mobile equipment that are not licensed for road use. This can include, for forklifts, excavators, mobile cranes, tractors, other self-propelled vehicles and static heavy equipment.
Public Liability and Completed Operations – Public Liability insurance (aka third-party liability insurance) protects the insured business from legal claims, lawsuits and crippling compensation costs arising from accidental bodily injury or illness to the public and accidental loss or damage to third party property. Public Liability covers businesses if it is sued for injury or damage. It can also include all costs and expenses of litigation recoverable by any claimant. Completed operations insurance covers a contractor’s liability for property damage or injuries to a third party once contracted operations cease. Construction products and the manufacturing of consumer goods and medicines will usually carry completed operations insurance.
Project and Annual Professional Indemnity Insurance – This policy provides the insured company and executives with cover against legal liability in connection to services rendered, the threat of litigation and any potential damage or settlements.
Annual Contract Works Programmes – Contract works insurance can cover the building which is under construction. It can also cover the equipment used in construction, as well as public liability risk.
Foreign Workers Medical Insurance – This is to cover pre-hospitalisation/Surgery diagnostic services, hospital room and board and Intensive Care Unit, Surgery charges, operating theatre, and anaesthetist fees. In Singapore, employers are required to purchase and maintain medical insurance for their foreign worker employees with at least $60,000 coverage per year.
Foreign Workers Bond – This is to cover $5000 cash collateral deposit that employers are required to present as guarantee towards the government for for foreign workers employed under work permit.
Project Marine Cargo – Insurers the owner against losses should the shipment (land, sea or air) meet with bad weather, pirates, accidents or other conditions that cause the goods to be damaged or lost. This would include single voyage, open cover and annual policy.
Political Risks – Political risk insurance protects the insured against the threat of financial loss caused by adverse political events. Depending on the individual policy’s details, this could include: Civil unrest – resulting in riot damage or looting, or perhaps the blockade of a port preventing import/export.
Performance Bond – A performance bond is issued to one party of a contract as a guarantee against the failure of the other party to meet the obligations of the contract.
