Contractor's All Risk Insurance policy offers coverage against any kind of loss or damage caused in the construction site to the worker, machine. This policy is designed to keep the safety of architects, construction engineers, and financers. This policy contributes to reduce overall expenses of construction. It provides enough financial protection to the parties involved.Read more
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**Premium Starting from Rs 208/Month for Sum Insured of Rs 10 Lacs
#Actual Premium may vary on the basis of business activity, type etc.
It is a non-standard policy that provides cover for third-party injury and damage of property that are the two primary risk factors in construction sites. If the property gets damaged due to poor construction of the building’s structure, or any loss or damage caused during renovation is covered under Contractor’s all risk policy.
This insurance policy is specially designed for protecting civil contactors against destruction or damage of different construction projects like office, hospital, channels, tunnel, etc. Any accidental damage to these projects or the plants of the contractor or machinery is covered in this kind of policy. Some of the benefits of contractor's all risk insurance policy are:
The common benefits or coverage that most of the policies provide under this plan are:
A policyholder can extend his/her policy to get the following cover as an add-on:
Follow the below steps to file a claim for the contractor's all risk policy:
Contractor's All Risk insurance covers sudden and unforeseen physical damage to civil projects under construction insured by any cause or peril not specifically excluded under the policy. It comprises two sections:
It provides coverage for the property lost, damaged or destroyed by any cause, other than those specifically excluded in the policy, necessitating replacement or repair. The policy will pay or make good all such loss or damage up to an amount not exceeding the sum specified in respect of each of the items and not exceeding in the whole the total sum insured.
It provides coverage towards:
1. a) Legal liability for accidental loss or damage caused to property of other persons
2. b) Legal liability for fatal or non-fatal injury to any persons other than the insured\'s own employees or workmen or employees of the owner of the works or premises due to construction of any property.
Perils covered under Contractor\'s All Risk insurance include:
Contractor's All Risk insurance can be availed by those who are involved in any way in construction business, such as:
You can also cover all participants under single insurance contract for the whole project to avoid gaps in cover.
1. Damage or loss incurred due to the nuclear reaction.
2. Damage or loss incurred due to faulty design.
3. Damage or loss incurred due to war or war-like situations.
4. Consequential losses.