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Contractor All Risk (Insurance)
"I need a Contractor All Risk (Insurance) policy for a large-scale solar power plant construction project in Riyadh, Saudi Arabia, with coverage starting from March 2025, including specific provisions for desert environmental conditions and solar equipment protection."
1. Parties: Identification of the insurer, insured contractor, and any additional insured parties
2. Background: Context of the insurance coverage, project details, and basis of the agreement
3. Definitions: Detailed definitions of terms used throughout the policy
4. Scope of Coverage: Detailed description of what risks and assets are covered under the policy
5. Sum Insured: Details of insurance amounts, limits, and sub-limits for different types of coverage
6. Premium and Payment Terms: Premium amount, payment schedule, and consequences of non-payment
7. Duration of Coverage: Policy period, including start date, end date, and any extension provisions
8. General Exclusions: Risks and circumstances explicitly excluded from coverage
9. Claims Procedure: Process for notification and handling of claims
10. Obligations of the Insured: Duties and responsibilities of the insured party
11. Termination Provisions: Conditions and procedures for policy termination
12. Governing Law and Jurisdiction: Specification of Saudi law application and dispute resolution procedures
13. Sharia Compliance Declaration: Statement confirming compliance with Islamic principles
1. Terrorism Coverage: Additional section when terrorism coverage is specifically required
2. Professional Indemnity Extension: Optional coverage for professional services related to the construction project
3. Extended Maintenance Coverage: Additional coverage for extended maintenance period beyond standard coverage
4. Third Party Liability Extension: Enhanced third party liability coverage beyond standard limits
5. Natural Disaster Coverage: Specific coverage for natural disasters not included in standard coverage
6. Marine Transit Coverage: Coverage for materials and equipment during marine transit
7. Advance Loss of Profits Coverage: Coverage for financial losses due to delayed project completion
8. Cross Liability Clause: Clause treating each insured party as separate entity
1. Schedule A - Project Details: Detailed description of the construction project, location, and scope
2. Schedule B - Sum Insured Breakdown: Detailed breakdown of insurance amounts for different aspects of coverage
3. Schedule C - Premium Calculation: Detailed calculation of premium including all factors and adjustments
4. Schedule D - Covered Property: Itemized list of property covered under the policy
5. Schedule E - Named Insureds: Complete list of all parties covered under the policy
6. Schedule F - Deductibles: Details of all applicable deductibles and excess amounts
7. Appendix 1 - Risk Assessment Report: Detailed assessment of project risks and mitigation measures
8. Appendix 2 - Claims Forms: Standard forms and procedures for making claims
9. Appendix 3 - Safety Requirements: Mandatory safety measures and procedures to maintain coverage
Authors
Construction
Infrastructure Development
Real Estate
Oil and Gas
Energy
Industrial Development
Commercial Development
Transportation
Healthcare Facilities
Educational Facilities
Hospitality
Manufacturing
Legal
Risk Management
Insurance
Finance
Operations
Compliance
Construction Management
Project Management
Commercial
Claims
Underwriting
Engineering
Risk Manager
Insurance Manager
Project Manager
Construction Manager
Contract Administrator
Chief Financial Officer
Insurance Underwriter
Claims Manager
Compliance Officer
Legal Counsel
Project Director
Site Manager
Operations Director
Finance Director
Insurance Broker
Construction Engineer
Risk Engineer
Commercial Manager
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