Contractor all risk insurance Policy

Contractor all risk insurance Policy

Contractor All Risk Insurance Policy

Contractor All Risk Insurance Policy

Contractor all risk insurance policy covers civil construction projects, such as the residential/commercial buildings, theaters, factory sheds, warehouses, roads, bridges, dams, reservoirs, tunnels, oil/gas pipelines, water / sewerage disposal works, etc.

The policy covers

  • Fire and Allied Perils
  • Flood, Storm, Tempest, Cyclone
  • Earthquake, Fire & Shock
  • Collapse
  • Water damage for Wet Risks

The sum insured shall include landed costs at site of imported / indigenous materials, construction costs (including visits of specialists / experts, supervision charges). It is the completely erected value of property inclusive of freights, custom duty, erection cost adjusted to fluctuations in wages / prices.

The policy does not cover

  • War & Nuclear Risks
  • Wlilful Act / Negligence
  • Partial/Total cessation of Work
  • Normal wear and tear
  • Gradual deterioration due to atmospheric conditions
  • Loss or damage due to faulty design
  • Contractual liabilities
  • Cost of replacement / repair or rectification of defective material and / or workmanship

You can opt for the following extensions

  • Breakage of Glass
  • Storage Risks at Fabricators premises /workshop
  • Sites located in EO Zones I & II
  • Clearance & Removal of Debris
  • Third Party Liability, Surrounding Property
  • Escalation
  • Express Freight, Holiday & Overtime rate for wages
  • Air Freight, Additional Custom Duty
  • Construction, Plant & Machinery
  • Maintenance Visits and extended maintenance cover

The policy is subject to Contractors’ All Risk Insurance Tariff and the Premium Rate is based on the type of project, nature of the construction, period of project, EO Zone and voluntary excess.

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Posted in General Insurance.

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