Contractor All Risk Insurance for Airport Building

The construction of airport buildings is high-risk work. It requires a wide range of manpower and capital to build an airport building. Further, the construction is prone to several kinds of risk. To escape such risk, the contractor must purchase the contractor all risk insurance for the airport building.

₹1 Lakh cover starting at ₹590/month⁺

Your shield for every construction project from

fire or theft

third-party injury

unforeseen site damages

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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

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 material

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

FAQs

Who can purchase Contractor All Risk Insurance for Airport Building?
Ans: The following person may purchase Contractor All Risk Insurance for Airport Building.
- A contractor may purchase contractor all risk policy
- A sub-contractor may subscribe to the CAR policy in construction
- A company dealing in construction work may purchase such policy
- The companies financing such project may purchase CAR policy
How do insurance companies calculate the risk involved in CAR policy in construction?
Ans: The insurance companies evaluate the risk involved on the following basis.
- On the basis of scope
- On the basis of location
- On the basis of duration
- On the basis of the severity of the risk
Can an insured add general liability insurance in the existing contractor all risk policy?

Ans: Yes, an insured may add such a policy to the existing insurance contractor.
When should an insured inform the insurer about the damage or loss?

Ans: The insurer must inform the insurer about the damage immediately after acknowledging such an event.