Decennial insurance meaning

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z D&B See Design and build beneath. DBO See Design, build and operate beneath. Date for completion/completion date Means the date stated therein in the building contract (typically within the contract particulars/contract data) by which the contractor must finish the works—ie the point by which practical completion is to be achieved (see Practice Note: What is practical completion?). This completion date may change over the course of the project, for instance where the contractor receives an extension of time. Should the works not be completed by the completion date, the contractor is liable to the employer for liquidated damages (where the contract so provides) or, failing that, general damages for delay in completion (arising from breach of contract thereunder). Date for possession The date set out in the building contract on which the employer gives...

What is a project policy? A ‘project policy’ usually means insurance the employer arranges to cover Contractors All Risks (CAR) and public liability. It is for the employer, contractors, sub-contractors and suppliers, and applies to one named project. These are composite policies; subrogation rights between co-insureds do not exist or are waived... What and who is covered/not covered? What is covered? A project policy commonly insures CAR and public liability exposures arising during the works... What is not covered? It will generally exclude matters that would ordinarily fall under a professional indemnity (PI) policy because: PI is placed in a distinct insurance market; and a project policy responds to occurrences during its term and only needs to operate for the project period. By contrast, PI responds to claims made during the policy period. As professional liability may run for 6 or 12 years, PI must be maintained throughout that time so it is in force when a...