Project Insurance

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Material Damage

Covers unforeseen and sudden physical loss or damage to property insured necessitating repair or reinstatement

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Third Party Liability

Covers accidental bodily injury and/or accidental loss of or damage to property belonging to third parties arising from the contract works

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Work Injury Compensation

Covers employer’s obligation for employees’ personal injury by accidental in the course of employment arising from the contract works

The Benefits

The table on the next page provides a summary of covers and sum insured under Etiqa Renovation Cover (Interior Renovation Only).

Subject to the following Terms and Conditions:

  1. Not exceeding 6 months contract period and 12 months maintenance period (For single contract only)
  2. Excluding Piling, Demolition, Basement Construction or Excavation Work
  3. Excluding Works on Oil-Rig, Onboard Vessel, Power Station, Petrol Chemical Plant, Semi-Conductor, Vicinity of Cold Room and Wafer Plant
  4. Discount: S$50 if No Maintenance Period involved – Only applicable to TSI exceeding S$100,000
  5. Premium non-refundable once the cover is bound
  6. Third Party Limit exceeding S$500,000: additional premium chargeable at S$50 for S$1million/S$150 for S$2million

IMPORTANT : The Package does not provide coverages construction plants, equipments and/or machineries.
Backdating of policies is not allowed.

Contractors’ All Risk Insurance

OPTIONSTOTAL SUM INSURED (Inclusive Removal Of Debris 10% & Professional Fees 10%)THIRD PARTY LIMITMINIMUM PREMIUM (BEFORE GST)MINIMUM DEDUCTIBILES
SECTION ONE (EACH AND EVERY LOSS)SECTION TWO (EACH AND EVERY CLAIM)
Plan A

Up to S$100,000 Contract Value

  • Inclusive of 10% for Removal of Debris and,
  • 10% for Professional Fees

(Up to S$50,000 Sub-Limit for Principal Existing Properties)

Up to S$500,000S$250.00
  1. Acts of God/Water Damage/Collapse – S$5,000
  2. Principal Existing Properties – $5,000
  3. Others – S$2,500
  1. Vibration Removal and Weakening of Supports/Water or Concealed Damage/ Collapse/Underground Facilities – S$5,000
  2. Third Party Property Damage – S$2,500
Plan BUp to S$250,000 Contract Value

  • Inclusive of 10% for Removal of Debris and,
  • 10% for Professional Fees

(Up to S$50,000 Sub-Limit for Principal Existing Properties)

S$350.00
  1. Acts of God/Water Damage/Collapse – S$5,000
  2. Principal Existing Properties – $5,000
  3. Others – S$2,500
  1. Vibration Removal and Weakening of Supports/Water or Concealed Damage/ Collapse/Underground Facilities – S$5,000
  2. Third Party Property Damage – S$2,500
Plan CUp to S$500,000 Contract Value

  • Inclusive of 10% for Removal of Debris and,
  • 10% for Professional Fees

(Up to S$100,000 Sub-Limit for Principal Existing Properties)

S$450.00
  1. Acts of God/Water Damage/Collapse – S$5,000
  2. Principal Existing Properties – $5,000
  3. Others – S$2,500
  1. Vibration Removal and Weakening of Supports/Water or Concealed Damage/ Collapse/Underground Facilities – S$5,000
  2. Third Party Property Damage – S$2,500

Work Injury Compensation Insurance

OPTIONSSUM INSURED – 20% of Contract Value PREMIUM (BEFORE GST)ON ALL EMPLOYEES ENGAGED IN THE PROJECT AS REQUIRED UNDER WORK INJURY COMPENSATION ACT OR COMMON LAW
Plan AOf S$100,000S$300
Plan BOf S$250,000S$500
Plan COf S$500,000S$900

Please contact us for a non-obligatory consultation.

Important Notes:

This policy is underwritten by Etiqa Insurance Pte. Ltd., a member of Maybank Group.

 

This content is for reference only and is not a contract of insurance. Full details of the policy terms and conditions can be found in the policy contract.

 

This policy is protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact us or visit the General Insurance Association (GIA) or SDIC websites (www.gia.org.sg or www.sdic.org.sg).

 

Information is correct as at 30 August 2019.