Construction industry is moving at a rapid pace in the Maldives. If you are involved in such projects, you are probably expected to be responsible for all the works till the projects are completed and handed over to the owner. However, unforeseen events, such as floods or earthquake may cause severe damage to the construction, making you liable for the additional expenses incurred. For example labor costs. You may even have to bear the liability for the damages caused to machinery and equipment at the construction site. This is when Contractors All Risk Takaful will help you to overcome the financial loss.
Contractors All Risk Takaful Policy indemnifies the participant for the loss or damage to property while under construction during the construction period.
This policy provides protection to the participant for construction projects such as the construction of residential buildings, commercial buildings and other similar projects.
There are two sections of this policy.
- Material damage section
- Public liability section (Liability to third parties)
Documents required to apply
The following documents have to be presented with:
- Proposal form
- National Identity Card Copy of Landlord(s) or Company Registration Copy whichever applicable
- Bill of quantities (if available)
- Company Registration Copy of the main contractor