Comprehensive Project Insurance
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1. Product OverviewComprehensive Project Insurance (CPI) adds transportation risks in land and sea transportation to the Construction CAR/ EAR and consists of existing additional coverage (e.g. surrounding property, expert expenses) as a basic Coverage. It has been applied to various construction projects such as Giga Bridge Construction Corporation, Anyang Combined Thermal Power Plant, and Korea Offshore Wind Construction Corporation.
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2. Covered Risk
Section 1 - Project Works
Section 2 - Third Party Liability
Section 3 - Delay in start-up
Section 4 - Procurement Transports
Section 5 - Operating Physical Damage
Section 6 - Operating Business Interruption
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3. Insurance Period
1) Construction and assembly period, including commissioning period
2) Defective remuneration period specified in the insurance statement
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4. Covered Period
1) Construction and assembly period, including commissioning period
2) Defective remuneration period specified in the insurance schedule
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5. Deductible
1) not liable for each deductible amount listed in the insurance policy.
2) In the event of loss or damage to one or more items as a result of one accident, the insured shall bear the largest single deductible for the claim amount.
3) Any loss or damage to the object of insurance incurred within 72 consecutive hours due to a natural disaster shall be deemed to have been caused by one accident, and a single deductible shall therefore be applied.