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Contract Works All Risks (Insurance)

Contract Works All Risks (Insurance) Template for Pakistan

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Key Requirements PROMPT example:

Contract Works All Risks (Insurance)

"I need a Contract Works All Risks (Insurance) policy for a large-scale solar power plant construction project in Sindh, Pakistan, with specific coverage for equipment damage during installation and testing phases, starting from March 2025."

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Document background
The Contract Works All Risks (Insurance) policy is essential for construction projects in Pakistan, providing crucial protection against various risks during construction and maintenance periods. This document is typically required when undertaking significant construction projects, infrastructure development, or major renovations where comprehensive risk coverage is necessary. It includes detailed provisions for insuring physical works, materials, and equipment against a wide range of risks, while complying with Pakistani insurance regulations and construction standards. The policy is designed to meet local regulatory requirements, including those set by the Insurance Ordinance 2000 and SECP guidelines, while addressing specific challenges and risks common to the Pakistani construction sector.
Suggested Sections

1. Parties: Identification of the insurer and insured, including full legal names and addresses

2. Background: Context of the insurance contract, including project overview and purpose of coverage

3. Definitions: Detailed definitions of key terms used throughout the policy, including technical construction terms

4. Scope of Coverage: Detailed description of what is covered under the policy, including works, materials, and property

5. Sum Insured: Details of insurance amounts, including contract works value and other insured items

6. Period of Insurance: Specification of policy duration, including construction period and maintenance period

7. Insured Perils: Comprehensive list of risks covered under the policy

8. General Exclusions: Specific risks and circumstances excluded from coverage

9. General Conditions: Standard policy conditions including maintenance of records, safety requirements, and compliance obligations

10. Claims Procedure: Process for notification and handling of claims

11. Premium Payment Terms: Details of premium amount, payment schedule, and consequences of non-payment

12. Termination Provisions: Conditions under which the policy may be terminated by either party

13. Dispute Resolution: Procedures for handling disputes, including jurisdiction and applicable law

14. Notices: Requirements for formal communications between parties

Optional Sections

1. Third Party Liability: Optional section for coverage of third-party risks, recommended for projects near public areas or with significant third-party exposure

2. Professional Fees: Coverage for professional fees in case of loss, recommended for complex projects requiring professional services

3. Debris Removal: Coverage for debris removal costs, recommended for large construction projects

4. Express Freight: Coverage for express freight costs in case of loss, optional for time-critical projects

5. Maintenance Visit Coverage: Extended coverage for maintenance visits after completion, recommended for projects with extended maintenance requirements

6. Testing and Commissioning: Coverage during testing phase, recommended for projects involving mechanical or electrical installations

7. Escalation Clause: Provision for increase in project cost, recommended for long-term projects

8. Multiple Insureds Clause: Special provisions for multiple insured parties, recommended for joint venture projects

Suggested Schedules

1. Schedule 1 - Project Details: Detailed description of the construction project, including location, nature of works, and contract value

2. Schedule 2 - Sum Insured Breakdown: Itemized breakdown of various components of sum insured

3. Schedule 3 - Premium Calculation: Detailed calculation of premium including rates and adjustments

4. Schedule 4 - Excluded Properties: List of specific properties or items excluded from coverage

5. Schedule 5 - Security Measures: Required security and safety measures for the project

6. Appendix A - Claims Documentation Requirements: List of documents required for claims processing

7. Appendix B - Risk Management Guidelines: Guidelines for risk management and loss prevention

8. Appendix C - Approved Contractors List: List of approved contractors and subcontractors if specified

9. Appendix D - Technical Specifications: Technical requirements and specifications relevant to insurance coverage

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

















































Clauses









































Relevant Industries

Construction

Infrastructure Development

Real Estate Development

Energy and Power

Industrial Manufacturing

Mining

Oil and Gas

Transportation

Commercial Development

Public Works

Relevant Teams

Legal

Risk Management

Insurance

Project Management

Construction Operations

Finance

Compliance

Procurement

Technical Operations

Claims Processing

Contract Administration

Relevant Roles

Risk Manager

Insurance Manager

Project Manager

Construction Manager

Contract Administrator

Chief Financial Officer

Insurance Underwriter

Claims Manager

Legal Counsel

Construction Site Supervisor

Procurement Manager

Technical Director

Operations Manager

Risk Assessment Officer

Compliance Officer

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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