BID DOCUMENTS - IDCO

6. INSURANCE AGAINST FIRE, ACCIDENT, DAMAGE AND THEFT:
a) The Contractor shall be responsible for the safe custody and storage of all equipment’s,
materials, construction tools, tackles and machinery at the site which are covered by this contract.
All Contractors’ equipment shall be at the sole risk of the Contractor. The Contractor shall take
necessary insurance cover for all tools, tackles and other constructions equipment’s and machinery
and materials, owned hired or used by the Contractor for performance of the works but which does
not form a part of the permanent work. The Contractor shall take necessary action to protect all
finished or partially finished construction and protect adjacent or adjoining properly which might be
damaged by the process of construction or erection. All expenses incurred for ensuring the above
shall be at the Contractor’s account.
b) The Contractor shall at the time of signing the contract insure the works and keep them
insured unit the completion of the contract against loss or damage by fire, theft or other accident in
an Office to be approved by IDCO, in the joint names of the owner and Contractor (the name of the
former being placed first in the policy) for full amount of the contract and for any further sum called
upon to do so by IDCO, the premium of such further sum being allowed to the Contractor as an
authorised extra. Such policy shall cover the property of the IDCO only, fees for assessing the claim
and in connection with the Service generally therein, and shall not cover any property of the
Contractor or any sub-contractor or Employees. The Contractor shall deposit the policy and receipt
for the premiums with the IDCO within Twenty-one days from the date of signing the contract unless
otherwise instructed by IDCO. In default of the Contractor insuring as provided above, IDCO on his
behalf may so insure and may deduct the premiums paid from any money due or which may
become due to the Contractor. The Contractor shall as soon as the claim under policy is settled or
the work reinstated by the Insurance Office, should then select to do so, proceed with all due
diligence with the completion of the works in the same manner as though the fire had not occurred
and in all respects under the same conditions of the contract, the Contractor in case of rebuilding or
reinstatement after fire, shall be entitled to such extension of time for completion as IDCO deems fit.
The amount so due as aforesaid shall be the total value of the works duly executed and
of the contract materials and goods delivered upon the site for use in the works up to and including
a date not more than seven days prior to the date of the said certificate less than amount to be
retained by IDCO (as hereinafter provided) and less any installments paid under this article provided
that such certificates shall only include the value of the said materials and goods as and from time
as they are responsible, properly and not prematurely brought upon the site and then only if properly
stored and/or protected against weather.
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