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

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Written By: PolicyBazaar - Updated: 17 May 2023

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Policybazaar for Business - Contractors All Risk Insurance - Customer Reviews
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4.2/5
Based on 28 reviews
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