Insuring for joint names: how far does it extend?

摘要

Joint-names construction all-risks insurance is commonplace. Regardless of whether the policy is taken out by the employer or contractor, both are named as insured. But what exactly is that protection? Some subcontractors may also be named or identified on the policy and so benefit from the protection such policies afford. But how far does it extend? if an event occurs that is covered by the insurance policy -such as fire or flood - but the event was caused by your breach of contractegligence, does the existence of the joint names policy let you off the hook? And who bears the risk for costs and losses that are not covered by the insurance due to policy excesses and exclusions?