Common use of Contractors interest Clause in Contracts

Contractors interest. Where you are required to effect insurance on Building(s) in the joint names of the contractor and you under the terms of a contract condition, then the interest of the contractor in the Building(s) as a joint insured is hereby noted subject to any single contract valued in excess of £100,000, or 10% (ten percent) of the Sum Insured on the Building(s), whichever is the less, being advised to us and an additional premium being paid as appropriate.

Contractors interest. Where you are required to effect insurance on Building(s) the buildings in the joint names of yourselves and the contractor and you under the terms of a contract condition, then the interest of the contractor in the Building(s) buildings as a joint insured is hereby noted noted, subject to details of any single contract valued in excess of £100,000, or 10% (ten percent) of the Sum Insured on the Building(s), whichever is the less, being 250,000 having been advised to us before work commences and an additional premium being paid as appropriate.