Risks : CEAR
Following the issue of a Certificate of Completion of permanent works of any part thereof insured under this Policy the insurers will indemnify the insured subject to the terms exceptions and conditions of this Section during the testing/maintenance period in the Schedule for loss of or damage to such works:
i. Arising or resulting from a cause occurring prior to the issue of a Certificate of
Completion, or
ii. Caused by the Contractors in the course of any operations carried out by them for the
purpose of complying with their obligations under Contract(s)
In the event that permanent works, plants or plant(s) thereof be out into commercial operation by the Employer before the issue to the Contractor(s) of a Certificate(s) of Completion or taking over in respect therefull cover shall be maintained thereon until the issue of the said Certificate(s) provided that the Insured shall as soon as possible give notice thereof to the Insurers in order that there may be assessed and agreed any additional premium reasonably required by Insurers in compensation for any increased hazard arising out of such use and operation.
Where the subject-matter insured hereunder (or any apportionable part) becomes missing and after the lapse of a reasonable time has not been located, an actual total loss of the subject-matter insured (or any apportionable party) may be presumed. For the purposes of this insurance, there shall be deemed to have been the lapse of a reasonable time where delivery to the consignees’ or other final warehouse or place of storage at the destination named herein has not been effected within 90 days of the expected date of such delivery. If, after the payment by the Insurer(s) of an actual total loss as provided for above, this subject-matter insured or whatever may remain thereof is located, the ownership and all proprietary rights incidental thereto shall be vested is the Insurer(s) the subject-matter insured of whatever may remain thereof.