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Sum Insured

Total contract value (TCV) upon completion which includes

Engineering costs

◾ Cost of goods or works of suppliers (i.e. material cost) including

• Tax, custom duties

• Insurance cost, transportation cost

◾ Cost of construction/erection (i.e. labor cost)

◾ Various other costs (e.g. commission)

Service Equipment Supplied by the Principal

Construction/Erection Period

Works Period

➣ Commences

◾ Directly upon commencement of work or

◾ At the time after the unloading of subject matter of insurance from the conveyance on the site

➣ Expires

◾ At the time when the works are taken over by the principal or put into service or

◾ The date specified in the schedule