NEC ECC: Option C - Schedule of cost components Item 7

SCC Item 7 refers to “cost of the event” does it mean the full cost of the insurable event should be deducted from the cost irrespective of the compensation from the Insurer?

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Yes that’s right, how much the Contractor recovers from his insurer is immaterial to the Employer. If this wasn’t the case the Employer may find he is liable for some costs for events that aren’t his risk in the contract.