Common use of INSURANCE-All Risk Insurance Policy and Xxxxxxx’x Compensation Policy Clause in Contracts

INSURANCE-All Risk Insurance Policy and Xxxxxxx’x Compensation Policy. i) Unless otherwise instructed the contractor shall insure the works and keep them insured until the virtual completion of the contract against loss or damage by fire and earthquake, flood, wars, storms etc. The insurance must be placed with a company approved by the Employer, in the joint names of the Employer and the contractor (the name of former being placed first in the policy) for full amount of contract for the entire contractor period and for any further sum if called to do so by the employer, the premium of such being allowed to the contractor as an authorized extra.