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Contract Works (Insurance)

Contract Works (Insurance) Template for Canada

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Key Requirements PROMPT example:

Contract Works (Insurance)

"I need a Contract Works Insurance agreement for a CAD 50 million commercial development project in Ontario, with coverage starting March 1, 2025, including specific provisions for underground works and existing structures."

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Document background
Contract Works Insurance, also known as Contractors' All Risk Insurance, is a crucial document in the Canadian construction industry that provides comprehensive insurance coverage for construction projects. This type of insurance is essential for protecting against physical loss or damage to works under construction, materials, and equipment on site. The Contract Works (Insurance) agreement is typically required by project owners, lenders, and construction contracts to ensure adequate protection of the project assets. It is governed by Canadian insurance regulations and must comply with both federal and provincial requirements. The document outlines specific coverages, exclusions, conditions, and claims procedures, and can be customized to address project-specific risks and requirements. It is particularly important for large-scale construction projects where significant capital investment needs to be protected against various risks during the construction phase.
Suggested Sections

1. Parties: Identification of the insurer and the insured parties, including principal contractors and other named insureds

2. Background: Context of the insurance agreement, including the construction project details and purpose of the coverage

3. Definitions: Defined terms used throughout the policy, including technical construction and insurance terminology

4. Scope of Coverage: Detailed description of what is covered under the policy, including types of property and risks insured

5. Sum Insured: The maximum amount payable under the policy and sub-limits for specific types of coverage

6. Premium and Payment Terms: Details of premium calculation, payment schedule, and adjustment provisions

7. Duration of Coverage: Policy period, including start date, end date, and any extension provisions

8. Claims Procedure: Process for notification and handling of claims, including required documentation

9. Exclusions: Specific risks, circumstances, and types of loss that are not covered under the policy

10. General Conditions: Standard policy conditions including compliance requirements and general obligations

11. Termination Provisions: Circumstances and procedures for policy cancellation or termination

Optional Sections

1. Multiple Contract Sites: Additional provisions for policies covering multiple construction sites or projects

2. Advance Loss of Profits: Optional coverage for anticipated revenue loss due to delayed completion

3. Terrorism Coverage: Additional provisions for terrorism-related risks if selected

4. Environmental Protection: Special provisions for environmental risks and compliance requirements

5. Professional Indemnity Extension: Optional coverage for design and professional services risks

6. Testing and Commissioning: Specific provisions for coverage during testing and commissioning phases

7. Maintenance Period Coverage: Extended coverage for the maintenance period after practical completion

Suggested Schedules

1. Schedule A - Project Details: Detailed description of the insured project, including location, scope, and contract value

2. Schedule B - Insured Property: Itemized list of covered property and materials

3. Schedule C - Premium Calculation: Detailed breakdown of premium calculation and adjustment factors

4. Schedule D - Sub-limits and Deductibles: Specific sub-limits for different types of coverage and applicable deductibles

5. Schedule E - Named Insureds: Complete list of all parties covered under the policy

6. Schedule F - Excluded Activities: Detailed list of excluded activities and circumstances

7. Appendix 1 - Claims Documentation Requirements: Forms and documentation required for claims submission

8. Appendix 2 - Risk Management Requirements: Specific risk management and loss prevention requirements

9. Appendix 3 - Technical Specifications: Technical details of covered construction methods and materials

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions














































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Relevant Industries

Construction

Infrastructure

Real Estate Development

Mining

Oil and Gas

Commercial Property

Industrial Development

Renewable Energy

Transportation

Public Works

Healthcare Facilities

Educational Facilities

Relevant Teams

Legal

Risk Management

Operations

Finance

Procurement

Compliance

Construction Management

Project Management

Insurance

Commercial

Technical Services

Relevant Roles

Risk Manager

Construction Manager

Project Manager

Insurance Broker

Contract Administrator

Claims Manager

Site Supervisor

Legal Counsel

Chief Financial Officer

Operations Director

Procurement Manager

Compliance Officer

Safety Manager

Commercial Director

Technical Director

Industries










Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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