Contractor All Risk Insurance for Airport Building: Inclusions
The CAR insurance for airport buildings includes the following:
- The CAR insurance for airport buildings covers the loss caused to the building due to construction faults
- The insurer shall indemnify the policyholder against any damage caused to the building
- The Contractor All Risk Insurance includes the loss or injury suffered by an employee or a third party
- The policy covers the injury or loss sustained by the guest or visitors to the airport building
- The loss caused due to the interruption of construction shall be covered by the contractor all risk insurance
- Loss caused to the airport building due to fire or allied perils shall be covered by the contractor all risk insurance policy
Contractor All Risk Insurance for Airport Building: Exclusions
Contractor All Risk Insurance policy does not include the following:
- Loss to the airport building caused due to war or nuclear explosions
- The insured incurred a loss due to partial or total cessation of work
- The insured suffered a loss due to his deliberate action
- The loss caused to the airport building due to usage of defective materialÂ
- The loss caused to the building due to bad workmanship
- Normal wear and tear shall not be included under contractor all risk insurance policy
- Loss or damage caused to the hospital building due to faulty design
Contractor All Risk Insurance for Airport Building: Add-ons
The insured may avail of add-ons in the contractor all risk insurance policy. The add-ons under the such insurance policy are the following:
- Damages or losses caused to the surrounding property of the airport building
- Loss incurred by the insured due to shortage of material or inventory
- Any bodily injury caused to the employee or a third party due to the removal of debris from the construction site
- The insured may also add insurance for the equipment or machinery used in the construction of the airport building
- The maintenance visit and maintenance cover can also be added by the insured
Contractor All Risk Insurance for Airport Building: Claiming Process
Following are the step which can be followed by the insured in order to file an insurance claim under the contractor all risk insurance policy:
- Upon acknowledging any damage or loss caused to the property, the insured is mandated to inform the insurer via a phone call
- The insured is also required to write a detailed email in order to make the insurer aware of the event
- The written email or document must delineate about the damages or loss caused to the property
- The insured should also inform the police or lodge a complaint in case of loss or damage caused due to theft or burglary
- The insured is also required to minimise the loss to the best possible extent
- The insurer shall appoint a surveyor in order to interpret the extent of loss or damage caused to the insured
- The surveyor shall investigate the site and make a report
- The report shall be sent to the insurer by the surveyor
- The insurer, on the basis of the report submitted by the surveyor, shall either accept or reject the claim
- The insurer shall provide the appropriate damages in case of approval of the claim
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