Is project insurance better than a contractor’s all risk policy?
Project insurance is usually taken out by the employer, with the contractor (and possibly subcontractors and consultants) as joint insured. It will be designed to cover a particular project and in addition to the coverage provided by contractors all risks insurance may provide other types of cover – such as product liability or latent defects cover. Advantages for employers include control over the policy terms and the extent of insured risks.
