Contractor All Risk Insurance for RCC Construction

The construction field possesses several kinds of risk. It may affect the life of a laborer. Further, a third party may also suffer from a bodily injury. The RCC construction may also lead to a lawsuit against the contractor. Hence, the contractor must purchase contractor all risk insurance for RCC construction in order to mitigate the losses.

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Contractor All Risk Insurance for RCC Construction: Inclusions

The CAR insurance policy for RCC construction includes the following.

Any loss or damages caused to the policyholder due to construction faults

Any loss or damage caused to the third party due to the negligible act of the insured or his employees

Any loss or damage caused to the RCC or flyover

Any loss or damage caused to the insured due to the interruption in the execution of construction of RCC Road or flyover

Any loss or damage caused due to storm, cyclone or allied perils

Any loss or damage incurred by the insured due to the legal suit initiated by an aggrieved party

Contractor All Risk Insurance for RCC Construction: Exclusions

The contractor's all risk insurance policy for RCC construction does not provide any coverage in the following cases.

Loss or damage caused to the policyholder due to the utilization of defective materials

Loss or damage caused to the policyholder due to bad workmanship

Loss or damage caused to the insured due to fault design

Loss or damage caused to the insured due to war or nuclear explosions

Loss or damage caused to the insured due to his deliberate actions

Loss or damage caused to the policyholder due to contractual liability

Normal wear and tear shall not be included in the contractor all risk insurance policy

Contractor All Risk Insurance for RCC Construction: Add-ons

The insured may extend the policy coverage by adding the following.

The insured may add the loss or damage caused to the surrounding property

The insurance companies provide additional coverage for construction equipment and machinery used in order to construct the RCC Road or flyover

The policyholder may add coverage for the disappearance or shortage of inventories

Maintenance visits and maintenance cover can be obtained by the insured as additional coverage

Any bodily injury suffered by an employee or workmen or a third party may also be added to the contractor all risk insurance policy for RCC construction

Contractor All Risk Insurance for RCC Construction: Claiming Process

The policyholder may follow the below-mentioned steps in order to file a claim under Contractor all risk insurance for RCC construction.

The insured is required to inform the insurance company about the event that has taken place

The policyholder must submit a written statement about the loss or damages caused to the premises of RCC construction

The policyholder may lodge a complaint in the police station in case of theft or burglary of the construction equipment

The insured must fill out the claim application form

The policyholder is required to provide pictures or videos of the event if available

All the necessary documents must be attached to the claim application form

The insurance company shall appoint a surveyor in order to verify the validity of the event claimed by the policyholder

The insured must cooperate with the surveyor and answer all necessary questions asked by the surveyor

The surveyor shall make a report after investigating the event

The surveyor shall submit the report to the insurance company

The insurance company shall provide the appropriate damage based on the report submitted by the surveyor

FAQs

Que 1: What perils are covered under the CAR insurance policy?
Ans: The CAR policy in construction includes the following perils.
- Fire
- Collapse
- Human error
- Negligence
- Storm
- Cyclone
- Earthquake
- Shock
- Accidents
Que 2: Who should purchase contractor all risk insurance for RCC construction?
Ans: The following persons must purchase the contractor all risk policy for RCC construction.
- Contractors
- Subcontractor
- Companies financing such projects
- Firms commissioned such projects
- The buyer or owner
Que 3: Can a policyholder add terrorism as additional coverage?

Ans: Yes, the policyholder may add terrorism as additional coverage by allocating some extra premium amount. The addition of coverage can be made upon renewal of the CAR insurance policy in construction.
Que 4: When should the insured inform the insurance company about the incidents?

Ans: The insured must inform the insurance company immediately after acknowledgement of the incident.

Contractor All Risk Insurance for RCC Construction