Did You Know? Loss during Inventory, Policy Exclusion in Construction All Risk Insurance Policy

Your Construction All Risk (CAR) policy consists of two parts of coverage which are Material Damage (Section 1) and Third Party Liability (Section 2). 

In this article, we will highlight the exclusion as stated under Special Exclusion Section 1 point (i) which is called “loss during inventory” exclusion, quoted as below:

The insurers, shall not, however be liable for:
(i) Loss or damage discovered only at the time of taking an inventory.

The policy does not cover loss or damage discovered only at the time of taking an inventory or by its disappearance or by shortage if the disappearance or shortage is only revealed when an inventory is made. 

The above is one of some exclusions under CAR insurance policy, therefore please review your insurance policy wording to understand your coverage in more detail. 

If you have any further questions and/or concerns about the above aspect, please feel free to contact us at 021 – 2523110 and we would be pleased to assist you.