Property Under Construction Clause

Property Under Construction Clause
This Policy covers the interest of the Insured and contractors and/or sub-contractors for whom the Insured has agreed to arrange insurance, in all materials, equipment, machinery, and supplies of any nature to be used in or incidental to the site preparations, erection and/ or fabrication and/or testing of the property insured, subject to the terms, conditions, Limits and Deductibles applicable to this Section.

It is understood and agreed that property in the course of construction with a final contract value expected to be less than USD…….. per project shall be covered automatically.
Property in the course of construction with a final contract value expected to exceed USD…….. per project shall be declared at least ninety days in advance with rates, terms and conditions subject to mutual agreement between the Insured and the Insurer.

 
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