Contractor All Risk Insurance for Airport Building

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 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

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