BEFORE CONSTRUCTION...CONTRACTORS ALL RISK

THE COVER

All risks at the supplier's premises during manufacture or building.
Inland transit to the port of departure.
Marine transit to South Africa.
Inland transit from port of arrival to site.
All civil works to house the equipment
Modifications to imported equipment at local engineering factories.
All local content work from South African suppliers.
Extended erection of the plant over 3 years.
Ninety (90) days testing of the individual units and the complex as a whole.
Public Liability and Surrounding Property Damage.
Loss of advanced interest payments on capital outlay, should a misfortune arise during the preceding cover.
Similar cover for advanced loss of profits.
Finally an 18-month guarantee period.

YOUR STAFF... DIFFERENCE BETWEEN EMPLOYERS LIABILITY AND THE COID ACT

Employers Liability read: "Damages which the insured shall become legally liable to pay consequent upon death of or bodily injury to or illness of any person employed under a contract of service or apprenticeship with the insured, which occurred in the course of and in connection with such person’s employment by the insured within the territorial limits and on or after the retroactive date shown in the schedule, and which results in a claim or claims first being made against the insured in writing during the period of insurance."

The Compensation Fund on the other hand, provides for compensation for disablement caused by
injuries and diseases sustained or contracted by employees during their employment period as a direct result of their occupation. It also compensates for death as a result of injuries and diseases in the same manner. It is compulsory for employers to pay an amount every year to the fund from where these benefits are paid. In other words, it is compulsory insurance cover for employers should any of their employees die, sustain an injury or contract an occupational disease during the course of their employment.

YOUR SECURITIES... PERFORMANCE GUARANTEES

A Performance Guarantee is issued by an insurance company or bank to a contractor to guarantee the full and due performance of the contract according to the plans and specifications. A project requiring a payment & performance bond will usually require a bid bond, in order to qualify to bid for the project.
A payment and performance bond will then be required of the winning bidder as a security to
guarantee job completion. Should the contractor fail to construct the building according to the
specifications laid out by the contract, the client is guaranteed compensation for any monetary losses up to the amount of the performance bond.

AND ULTIMATELY... BUILDING INSURANCE / HOUSE OWNERS / PROPERTY COMBINED

PLEASE TAKE NOTE
The insured sum included in a building insurance policy must be the total cost to replace the building including all improvements to the property and all professional and other costs (VAT inclusive). Market value has no direct relationship to the cost of re-building, it is up to the owner to obtain the correct sum.
A successful method of obtaining an accurate assessment of the replacement cost of a property or
building is to hire the services of a professional, reputable and registered Quantity Surveyor.
Once this assessment has been obtained, the onus lies with the owner to keep this assessment up to date.
Adequate and regular maintainable is crucial.

www.buildinginsurance.co.za

BEFORE CONSTRUCTION...CONTRACTORS ALL RISK

YOUR STAFF... DIFFERENCE BETWEEN EMPLOYERS LIABILITY AND THE COID ACT

YOUR SECURITIES... PERFORMANCE GUARANTEES

AND ULTIMATELY... BUILDING INSURANCE / HOUSE OWNERS / PROPERTY COMBINED

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