a) property in course of construction
b) the contractor’s and/or subcontractor’s interest in such property
In the territories covered by this policy subject to all its provisions and stipulations for an amount not exceeding XXXX EURO per occurrence and regardless of whether the property concerned is new construction or property being worked upon.
It is further agreed that the insurers waive their right of recovery against any responsible party actively intervening on site in the execution of contractual obligations, for damage occurring to property insured hereunder.
Losses due to Fire, Lightning, Explosion or Falling Aircraft to the property under construction are insured up to XXX EURO and the Insurers expressly retain their rights of recovery against any responsible party for damage to property insured hereunder in excess of XXX EURO per occurrence.
Coverage under this clause shall commence automatically when the construction starts and terminate at the time of provisional hand-over of the completed works (which shall also be the point at which coverage for the completed works is transferred to the appropriate policy) or the date of termination of this policy, whichever is the earlier.
It is expressly agreed that the scope of this extension is confined to material damage losses and does not extend to any type of consequential loss in the form of Advanced Business Interruption.
Standard maintenance operations at existing properties are not considered as property under construction.
Damage to existing properties caused by property under construction remains covered as well as the Business Interruption following at policy terms and conditions.
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