Contractors All Risk Insurance for Hotels

Contractors All Risk (CAR) Insurance is essential coverage for hotel owners who are undertaking construction, renovation, or refurbishment works on their properties. This type of insurance provides financial protection to the hotel owner against any accidental damage or loss to the building or property during the construction process.

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Coverage for Property Damage under Contractors All Risk Insurance for Hotel

  • The coverage includes damage to the hotel building and any other property, such as equipment, furniture, and fixtures.
  • The contractors all risk insurance policy┬ácovers damage caused by various perils, including fire, lightning, earthquake, storm, flood, and accidental damage.
  • The insurance company pays for the cost of repairs or replacement of the damaged property up to the policy limit.
  • It is important to note that the policy may exclude certain types of damage, such as damage caused by war, terrorism, or nuclear incidents.
  • Hotel owners and contractors should ensure that they have adequate coverage for property damage, based on the scope of their construction or renovation project.

Coverage for Third-Party Liability under Contractors All Risk Insurance for Hotel

  • This coverage provides protection against claims arising from physical injury or death to a third party due to the contractor's negligence during construction activities.
  • This coverage protects against damage caused to the property of a third party, including damage to neighbouring buildings, structures, or personal property.
  • This coverage includes legal costs incurred to defend the contractor or the hotel owner against third-party claims.
  • This coverage provides protection for claims that may arise after the project is completed, such as defects in construction or faulty workmanship.
  • It is crucial to choose the right car policy in construction that offers adequate coverage for third-party liability based on the type and scope of the construction project.

Coverage for Delay in Completion under Contractors All Risk Insurance for Hotel

  • This coverage is designed to provide protection to the hotel owner against losses arising from delays in completion of the project. It includes costs related to extended construction periods, such as additional labour, equipment, and materials costs.
  • The coverage includes delays caused by various factors such as unforeseen weather conditions, unexpected labour disputes, unavailability of materials, and accidents on the construction site.
  • The coverage is applicable during the entire construction period and covers any delays that occur during that time.
  • The hotel owner or developer needs to provide proof of delay to the insurer. This could include construction schedules, time sheets, and other relevant documentation.
  • There may be certain exclusions to the coverage. This includes delays caused by the hotel owner or developer's actions or inactions, or delays caused by acts of terrorism or war.

Claims Process and Documentation

Here is the claiming process under Contractors all risk insurance for hotels:

  • Notify the insurance company immediately of any loss or damage.
  • Provide accurate and complete information about the loss or damage.
  • Gather and submit all relevant documentation, including photographs, repair estimates, and invoices.
  • Work closely with the insurance company's adjuster to assess the extent of the damage and determine the appropriate course of action.
  • Keep detailed records of all communication and activities related to the claim.
  • Follow up regularly with the insurance company to ensure timely settlement of the claim.
  • Be aware of any applicable deductibles or exclusions that may affect the claim.

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Written By: PolicyBazaar - Updated: 07 May 2023
Policybazaar for Business - Contractors All Risk Insurance - Customer Reviews
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4.2/5
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4.2
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Based on 28 reviews
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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