Millennium University College has engaged Messrs Wilkado Construction Limited to construct a thousand bed hostel facility. As an underwriter with All Peoples Insurance Company Limited, identify the specific insurance policy for the project, list and explain the constituent parts of the policy (i.e. policy structure), discuss the main areas (items or activities) of this project which could be covered under the policy, the perils or (indemnifiable causes of loss); including five exclusions usually included in such policies.

a. What is a warranty, as used in a fire policy? Give an example.