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.Read more
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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
Ans: The CAR policy in construction includes the following perils.
- Human error
Ans: The following persons must purchase the contractor all risk policy for RCC construction.
- Companies financing such projects
- Firms commissioned such projects
- The buyer or owner
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.
Ans: The insured must inform the insurance company immediately after acknowledgement of the incident.