The Contract Works Insurance agreement is a crucial document required for construction projects in the Philippines, providing essential coverage against various risks associated with construction activities. This type of insurance, also known as Contractors' All Risk Insurance, is often mandatory for both public and private construction projects under Philippine law. The document outlines the scope of coverage, including protection for physical works, materials, and equipment during both construction and maintenance periods. It incorporates specific requirements under the Insurance Code of the Philippines (Republic Act No. 10607) and addresses particular risks relevant to the Philippine construction industry, such as typhoons, earthquakes, and other natural disasters. The Contract Works Insurance agreement is typically required before construction can commence and remains active throughout the project's duration, including any specified maintenance period.
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1. Parties: Identifies the insurer, insured (typically the contractor), and any additional insured parties
2. Background: Describes the construction project and the need for insurance coverage
3. Definitions: Defines key terms including Contract Works, Project Site, Construction Period, Maintenance Period, and Insured Property
4. Scope of Coverage: Details what is covered under the insurance policy, including materials, temporary works, and permanent works
5. Sum Insured: Specifies the total sum insured and sub-limits for different aspects of coverage
6. Period of Insurance: Defines the construction period and maintenance period coverage
7. Premium Payment Terms: Details the premium amount, payment schedule, and consequences of non-payment
8. Exclusions: Lists specific exclusions from coverage
9. General Conditions: Sets out standard policy conditions including duty of disclosure and compliance requirements
10. Claims Procedures: Details the process for making claims and required documentation
11. Termination Provisions: Specifies circumstances under which the policy can be terminated and the consequences
12. Governing Law and Jurisdiction: Confirms application of Philippine law and jurisdiction
1. Cross Liability Clause: Optional section for projects with multiple contractors or subcontractors requiring mutual coverage
2. Professional Fees: Optional coverage for professional fees incurred in reinstating damaged works
3. Debris Removal: Optional coverage for costs of removing debris following an insured event
4. Extended Maintenance Coverage: Optional extended coverage for the maintenance period beyond standard terms
5. Testing and Commissioning: Optional coverage for damage during testing phase of mechanical/electrical installations
6. Force Majeure Provisions: Optional detailed provisions for natural disasters and extraordinary events
7. Escalation Clause: Optional provision for automatic increase in sum insured to account for inflation
1. Schedule A - Project Details: Detailed description of the construction project, location, and timeline
2. Schedule B - Sum Insured Breakdown: Detailed breakdown of insurance values for different aspects of the works
3. Schedule C - Premium Calculation: Details of premium calculation and payment schedule
4. Schedule D - Excluded Properties: List of specific properties or works excluded from coverage
5. Schedule E - Security Measures: Required security and safety measures at the construction site
6. Schedule F - Claims Documentation Requirements: List of required documents and procedures for claims
7. Appendix 1 - Site Plans: Construction site plans and layouts
8. Appendix 2 - Risk Assessment: Detailed risk assessment of the construction project
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