Contractors All Risk Insurance for Hospitals: Inclusions
The CAR insurance policy covers the following losses:
- Loss caused to the insured due to construction faults shall be covered by the CAR insurance policy
- Coverage against the damage to the property of the hospital shall be covered by the CAR policy
- CAR policy offers coverage against the injury or loss sustained by a third party
- The policy indemnifies the insured against the liability to the guest or employees of the hospital
- The CAR policy provides coverage for the loss incurred due to the interruption of the construction work
- Loss caused to the property due to fire or allied perils shall be covered by the CAR insurance policy
- Loss caused to the construction site due to cyclone or flood is subject to be covered by the insurer
- Any human error or negligence is covered by the CAR policy
Contractors All Risk Insurance for Hospitals: Exclusions
The Contractor’s All-Risk Insurance Policy does not cover the following risks:
- A normal tear or wear is not subject to be covered under the CAR policy
- The CAR policy does not provide any coverage for the intentional or willful negligence
- No coverage shall be provided in case of poor workmanship
- The insurer is not liable to provide any coverage in case of utilization of defective material in the construction work
- Loss or damage caused to the property due to faulty design shall not be covered under the CAR policy
- The partial or total cessation of work is not covered under the CAR insurance policy
Contractors All Risk Insurance for Hospitals: Add-ons
The CAR insurance policy can be extended by making the following additions:
- Damage or loss caused to the surrounding property
- Insurance for construction equipment can be added in the existing insurance policy
- Loss caused due to shortage of inventory
- Injury or damage caused due to the removal of debris
- Loss incurred due to earthquake
Claiming Process for Contractor All Risk Insurance for Hospital
Following are the steps which are required to be followed by the insured in order to file a claim:
- The insured should immediately notify the insurer about the loss or damage caused
- The insurer must submit a written submission to the insurer with regard to the event of damage or loss
- The written document must include the extent of the loss or damage caused to the property
- The insured must try to minimize the loss as much as possible
- The insurer must inform the police or an appropriate authority. He must lodge an FIR or complaint in case of theft or burglary
- The insurer shall appoint a surveyor in order to analyze the loss
- The insured must cooperate with the surveyor and make him acquainted with the event
- The surveyor shall make a report of the event and submit it to the insurer
- The insurer shall indemnify the insured
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