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Section 3 - Termination of Contract due to Event Cancellation

This Section only applies to Small Construction Suite for Event / Staging Set Up Works:

If the contract Insured under the Policy is cancelled by the Principal as a result of the Insured Events occurring within the 14 days before the commencement date of the Policy, the Society will pay the Insured a benefit of $1,000 provided that work has not commenced.

Insured Events:

1. Contract Site damage by fire, lightning, malicious damage, aircraft damage, impact damage, bursting and overflowing of water pipes, earthquake, windstorm, flood
2. Closure by order of the Government due to Riot and Strike within the vicinity or radius of 1km of the contract site
3. National mourning declared by the Government

Known Event Exclusion:
Claims resulting from any known events are not covered. Known events are Insured Events that were publicised or reported by the media or through statements issued by authorities before the policy was taken up.

When we pay the benefit under Section 3, this Policy will be terminated and we will have no further legal responsibility to you under this Policy.

Memorandum: It is noted and agreed that in respect of Small Construction Suite, General Exclusion 11 in the Policy Wording is deleted and replaced with "excavation works beyond 1.5 metres below ground/floor level.