Contractors All Risk Insurance for Hospitals

Construction of any building comes with several risks which may incur a loss to the contractor. In order to mitigate such losses, a contractor must obtain indemnification by subscribing to the contractor all risk policy. Hence, the CAR policy is essential for a contractor.

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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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FAQs

Que 1: Who needs a contractor for all risk insurance for hospital?
Ans: The following persons need contractors for all risk insurance policies in construction.
- A contractor needs the CAR policy
- A company or organisation involved in the construction of a hospital needs to subscribe to the CAR policy
- A subcontractor is required to buy the CAR policy
- The cooperation or companies financing such projects must subscribe to the CAR policy
Que 2: When should an insured inform the insurer about the accident caused to the construction work of the hospital?

Ans: The insured must indemnify the insurance company for the damage immediately after the accident has caused to the property.
Que 3: What documents are required to be attached to the claim form of contractor all risk insurance?
Ans: The following documents must be attached to the claim form.
- A copy of FIR in case of theft or burglary
- Photos of the event
- Videos of the event
- Copy of CAR insurance policy
Que 4: Can a policyholder add general liability insurance to the existing CAR insurance policy?

Ans: Yes, an insured may contact the insurer and add such coverage to the existing insurance policy.

Why is Construction All Risk Insurance Important while Constructing a House?

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Policybazaar for Business - Contractors All Risk Insurance - Customer Reviews

View all 28 reviews

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4.2

out of 5

Based on 28 reviews

1 users

21 users

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3.8 February 22, 2023

Aditya

Compensate For Damages

I recently purchased Contractors All Risk Insurance from PolicyBazaar website and had a great experience with them. It was necessary to purchase this Insurance as I understand the risks and uncertainties of the job. However, with this policy, I found myself protected against a wide range of unforeseen events such as property damage, third-party liability and even employee injuries. Thanks to Policybazaar.

Allahabad

4.3 February 02, 2023

Umang

Quick Renewal

I recently purchased Contractors All Risk Insurance from PolicyBazaar and I am delighted to share my positive experience with this valuable policy. From the moment I initiated the process until the policy was in effect, PolicyBazaar demonstrated outstanding professionalism, reliability, and a genuine commitment to customer satisfaction. Thanks PB.

Jamshedpur

3.8 January 13, 2023

Astha

Time Saving Process

Throughout the process, I was consistently impressed by PolicyBazaar's exceptional customer service. Their representatives were friendly, knowledgeable, and always ready to assist me with any questions or concerns I had. They patiently explained the policy terms and conditions, clarifying even the most intricate details, which allowed me to make well-informed decisions regarding my coverage. I truly felt valued as a customer, and their dedication to ensuring my satisfaction was evident in every interaction.

Vadodara

4.3 December 24, 2022

Usha

Suitable Purchase

Recently we got a project to work on a site. I made sure that i get the contruction all risk insurance policy. A friend of mine suggested to purchase it from PolicyBazaar website so i went on their website and made the purchase without any hassle. It was a suitable purchase as it provided compensation for material damage and many more Thanks to PolicyBazaar.

Ludhiana

4.3 December 04, 2022

Simran

Provides Security To Material Damage

I recently purchased Contractors All Risk Insurance from PolicyBazaar which provides me peace of mind, knowing that projects are protected against unforeseen events. This allows me to focus on my work without constantly worrying about potential risks and liabilities. Thanks Policybazaar.

Kochi

4 November 14, 2022

Lovejeet

Knowledeable Staff

The staff at PolicyBazaar were knowledgeable and helped me choose the right policy that fit my specific needs. I highly recommend Contractors All Risk Insurance through Policybazaar for anyone involved in construction projects."

Coimbatore

4.3 October 25, 2022

Rahil

Peace Of Mind

I recently purchased Contractors All Risk Insurance through PolicyBazaar and I am so happy with the services I received during the buying process. Also, the policy provided me with peace of mind during my construction project, as it covered unforeseen damages to the project site, materials and equipment. The claims process was straightforward and hassle-free and the insurance company promptly reimbursed me for the damages I incurred. Thanks Policybazaar

Lucknow

3.8 October 05, 2022

Anuj

User Friendly Website

As a contractor, I was looking to buy Contractor all risk from the PolicyBazaar website online. So I went on their website and checked several details. It was well-maintained and described all the benefits in detail. I contacted their customer support and decided to buy from them. The website is really user-friendly and helpful. Highly Recommend. Thanks, PolicyBazaar.

Kolkata

4.5 October 01, 2022

Subh

Well Maintained Website

I was looking to buy contractor all-risk insurance that protects property from any damages and landed on the policybazaar website. It is well written & maintained website and provided all the necessary information. The add-ons are also affordable and provide extra protection.

Delhi

4.5 September 30, 2022

Neeraj

All In One Policy

Unique perks, low premium, great customer support, and a claim settlement process are a few things that we have experienced with policybazaar. We bought a contractor all-risk policy last year and raised a claim for an incident. The process was simple and the claim was reimbursed in a few days.

Jaipur

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