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Builders Contract Works (Insurance) for Hong Kong

Builders Contract Works (Insurance) Template for Hong Kong

A comprehensive insurance document governed by Hong Kong law that provides coverage for construction works, materials, and associated risks during building projects. The document outlines the terms and conditions of insurance coverage, including protection against physical loss or damage to the construction works, third-party liability, and other project-specific risks. It complies with Hong Kong's Insurance Ordinance and construction industry regulations, offering essential protection for contractors, developers, and other stakeholders involved in construction projects within Hong Kong's jurisdiction.

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Builders Contract Works (Insurance)

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What is a Builders Contract Works (Insurance)?

The Builders Contract Works (Insurance) document is a crucial legal instrument in Hong Kong's construction industry, designed to provide comprehensive insurance coverage for construction projects. It is essential for any construction undertaking in Hong Kong, offering protection against various risks including physical damage to works, third-party liability, and other project-specific hazards. This document is typically required before commencing any significant construction work and must comply with Hong Kong's Insurance Ordinance (Cap. 41) and related construction regulations. The insurance coverage typically extends from the project's commencement through to the completion of construction works, including any specified maintenance period. It serves as a risk management tool, protecting the interests of contractors, developers, and other stakeholders involved in the construction process.

What sections should be included in a Builders Contract Works (Insurance)?

1. Parties: Identifies the insurer, the principal contractor (insured), and any other named parties to the insurance contract

2. Background: Sets out the context of the insurance arrangement and brief description of the construction project

3. Definitions: Defines key terms used throughout the policy document

4. Scope of Coverage: Details the specific risks and items covered under the insurance policy

5. Sum Insured: Specifies the maximum amount payable under the policy and sub-limits for different types of coverage

6. Period of Insurance: Defines the duration of coverage, including any maintenance period

7. General Exclusions: Lists risks and circumstances not covered by the policy

8. General Conditions: Sets out the general terms and conditions applicable to the policy

9. Claims Procedures: Details the process for making and handling claims

10. Premium Payment Terms: Specifies premium amount, payment schedule and related conditions

11. Termination Provisions: Outlines circumstances and procedures for policy termination

12. Governing Law and Jurisdiction: Confirms Hong Kong law as governing law and relevant jurisdiction

What sections are optional to include in a Builders Contract Works (Insurance)?

1. Cross Liability Clause: Optional section for projects with multiple contractors requiring cross-liability coverage

2. Professional Fees: Coverage for professional fees incurred in reinstating damaged works

3. Removal of Debris: Coverage for costs of removing debris following an insured event

4. Extended Maintenance Coverage: Additional coverage during extended maintenance period

5. Escalation Clause: Provision for automatic increase in sum insured due to inflation

6. Additional Insured Parties: Section for naming additional parties to be covered under the policy

7. Temporary Works Coverage: Specific coverage for temporary structures and works

8. Testing and Commissioning: Coverage during testing and commissioning phase of construction

What schedules should be included in a Builders Contract Works (Insurance)?

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: Detailed breakdown of sums insured for different aspects of coverage

3. Schedule 3 - Premium Schedule: Detailed premium calculation and payment schedule

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

5. Appendix A - Site Plan: Plans showing the insured construction site and surrounding areas

6. Appendix B - Construction Schedule: Detailed timeline of construction activities

7. Appendix C - Risk Assessment: Detailed assessment of construction risks and mitigation measures

8. Appendix D - Claims Forms: Standard forms and procedures for making claims

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok成人版 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Hong Kong

Document Type

Invoice Form

Sector

Sales

Cost

Free to use
Relevant legal definitions















































Clauses









































Relevant Industries

Construction

Real Estate Development

Infrastructure

Insurance

Engineering

Property Development

Industrial Construction

Commercial Construction

Residential Development

Relevant Teams

Legal

Risk Management

Operations

Construction

Procurement

Compliance

Insurance

Project Management

Finance

Health and Safety

Relevant Roles

Construction Project Manager

Risk Manager

Insurance Manager

Contract Administrator

Site Manager

Construction Director

Chief Operating Officer

Procurement Manager

Legal Counsel

Compliance Officer

Claims Manager

Project Engineer

Financial Controller

Operations Director

Health and Safety Manager

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, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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