Renovation Protection
protection to both contractors and property owners against loss or damage arising out of contract works
Provides Contractors’ All Risks cover on Material Damage and Third Party Liability to contract works and Work Injury Compensation to all workers involved in the contract.
What Does It Cover
Material Damage
Covers any unforeseen and sudden physical loss or damage to the property insured necessitating repair or reinstatement.
Work Injury Compensation
Covers the employers’ obligation for employees’ personal injury by accident or disease arising out of and in the course of employment as specified under Work Injury Compensation Act or Common Law.
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
EXCLUSIONS
There are certain conditions whereby the benefits under this plan will not be payable. You can refer to your policy contract for the precise terms, conditions and exclusions of the plan. The policy contract will be issued when your application is accepted.
IMPORTANT INFORMATION
Policies are yearly renewable, subject to the agreement of the Insurer. Premiums payable for these insurance policies are not guaranteed and may change at Policy Renewal Date at the Insurer’s full discretion.
All benefits and features mentioned herein are subject to terms and conditions of the policy. You must refer to the Policy Contract for the precise terms and conditions of this insurance plan.
Note: Buying a life and/or health insurance policy can be a long-term commitment. An early termination of the policy usually involves high costs, and the surrender value payable may be less than the total premiums paid. You may wish to seek advice from a financial adviser before making a commitment to purchase the product. In the event that you choose not to seek advice from a financial adviser, you should consider whether the product in question is suitable for you.
Policy Owners' Protection Scheme
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 GIA/LIA or SDIC websites (www.gia.org.sg or www.lia.org.sg or www.sdic.org.sg).