Contractors All Risks

Contractors All Risks

This covers loss of or damage to hand tools and hand held portable power tools belonging to you and your employees. Please note that not all insurers offer cover for employees’ tools although the majority do.

Associated Coverage:

1.   Tender Bond

This bond is used where a buyer or developer is obtaining tenders for a contractor and requires a bond as security against the risk of the successful bidder failing to enter into the contract.

2.    Mobilization Bond

This bond guarantees the contractor’s use of funds advanced by the employer/principal for the prescribed purpose and further guarantees its repayment in the agreed manner.

3.    Performance Bond

A performance bond is a form of security provided by a contractor to a developer and consists of an undertaking by a bank or insurance company to make a payment to the developer if the contractor becomes insolvent or defaults under the contract.

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