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Engineering Insurance
Introduction
Functions
1. Loss compensation
Material loss: the insured project loss caused by any accidents or natural
disasters except the exclusions.
The third party liability: according to law, the insured shall assume the
compensation liability for the personal injury or property damage to the third
party in construction sites and adjacent areas caused by the accident that
directly relates to the insured project.
2. Special clause
More than 40 special clauses are available on the basis of risk assessment and
payment of additional expenses, including clauses in respect of strike, riot,
and civil commotion, limited liability insurance period clause, extended
liability guarantee period clause, special fee clause, clause in respect of
buildings and tunnels in earthquake region.
Target Customers
Process
1. Insuring process
Case
Bank of China Insurance Company considers the project risks, and provides an
insurance scheme with a full range of security, reasonable insurance
conditions, and risk management according to international practice. It
exclusively insured the project risks with the third party liability insurance
for the central highway of Algeria, and the total insured amount was USD 1.1
billion.
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