(1) Unless otherwise stipulated in the purchase agreement, the construction business who undertakes construction work worth more than ten lakh rupees shall be insured for the following:-
(a) Cost of complete replacement of construction work including construction materials, machines, tools or plant used, Explanation: For the purpose of this clause, "expense" means profit as well.
(b) Fifteen percent of the replacement cost as per Clause (a) to cover professional fees, expenses incurred for demolishing, removing any part of the construction work and removing rotted or wasted materials, and expenses incurred in case of loss or damage or incidental expenses related thereto. amount or additional amount as stated in the purchase agreement,
(c) Sufficient amount required to replace the tools and other items brought by the builder at the construction site,
(d) from the date of handover of the construction site to the builder till the date of issuance of the handover certificate, all damages caused to any section or part of the construction work due to any reason other than the reason mentioned in sub-rule (2),
(e) The following obligations of the construction business:-
(1) During the period of the obligation to correct the error, the damage caused by the construction business during the performance of its obligations,
(2) Damages incurred during the period of error correction due to any cause that occurred before the beginning of the error correction obligation period.
(2) Notwithstanding anything written elsewhere in this rule, the builder shall not be liable for any loss or damage caused by the insurance under clause (d) of sub-rule (1):-
(a) war, hostilities or invasion,
(b) rebellion, revolution, revolution or civil war,
(c) the spread of radiation, radiation of nuclear fuel or nuclear waste resulting from the combustion of nuclear fuel or explosion of radioactive pesticides or other harmful substances or pollution of nuclear compounds or nuclear fractions thereof,
(d) of air generated by an aircraft or aircraft flying at acoustic or supersonic speedsarc.
(3) Except as otherwise provided in the purchase agreement, the construction business shall bear the costs and fees incurred in taking action related to the claim for compensation for the following damages caused by correcting any defect in the construction work or as a result of such work:-
(a) in the event of injury to or death of any person, or
(b) Damage to any property in connection with the operation and completion of any other work in the construction work.
(4) No change shall be made in the terms of insurance without the written approval of the authorized officer.