Contractor All Risk Insurance for Residential Buildings

Contractor all risk insurance is vital for contractors as it safeguards them from legal and third-party liabilities. Construction projects often face multiple claims and potential damages. Additionally, residential projects are considered high-risk. To minimize these liabilities, contractors must invest in contractor all risk insurance policies.

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Contractor All Risk Insurance for Residential Buildings: Inclusions

The following risks are covered under contractor all risk insurance for residential buildings.

  • The contractor all risk insurance policy indemnifies the insured against any material damage.
  • The CAR policy offers coverage for property lost.
  • The legal liabilities arising due to construction work shall be dealt with under the contractor's all risk insurance policy.
  • Any liability arising due to accidental loss is covered under the CAR policy.
  • Injury caused to an individual due to construction operation is covered under the CAR policy.
  • Loss or damage caused due to fire is protected under the CAR policy.
  • Loss caused due to human error is covered under the CAR policy.
  • Any damage caused due to collapse is covered under the CAR policy.
  • The loss suffered due to earthquakes, storms, cyclones or any other natural disaster is covered under the CAR policy.

Contractor All Risk Insurance for Residential Buildings: Exclusions

The contractor all risk insurance for residential buildings does not cover the following risks or damages.

  • Loss arising due to war at the construction site is not covered under the coverage of the CAR policy.
  • Loss or damages caused to the property due to nuclear explosion is excluded under the CAR policy.
  • A policyholder suffering from the loss caused due to partial or total cessation of work cannot file coverage under the CAR policy.
  • Loss or damage caused due to the willful action of the policyholder shall be excluded from the CAR policy.
  • Willful negligence is the exclusion of the CAR policy.
  • Contractual liabilities are not covered under the CAR policy.
  • The CAR policy does not indemnify the policyholder in case of normal wear and tear.
  • The damage caused due to the faulty design of the residential building is not covered under the CAR policy.

Contractor All Risk Insurance for Residential Buildings: Add-ons

The coverage of contractor all risk insurance policies can be extended by adding the following.

  • Loss or damage caused to the surrounding property can be added to the existing contractor all risk insurance policy.
  • Maintenance visits and cover can be added to the current contractor all risk insurance policy.
  • The coverage for construction equipment such as scaffolding or shuttering material can be added to the CAR policy.
  • In case of the disappearance of the inventor or shortage of material, the policyholder may file a claim if it is added to the existing CAR policy.

Contractor All Risk Insurance for Residential Buildings: Claiming Process

The policyholder should follow the below-mentioned steps in order to file a claim under the contractor all risk insurance policy.

  • The insured should inform the insurer about the damage or loss via phone.
  • The insured must write an email to the insurer about the damage or loss suffered by him due to the event.
  • The policyholder must visit the police station and lodge a complaint or FIR in case of theft or burglary.
  • The insurance company shall send the surveyor.
  • The policyholder must keep the loss or damage to the property preserved for the surveyor.
  • The policyholder is required to obtain the claim form.
  • He must duly fill out the claim form.
  • He must attach the essential documents along with the claim form. This includes the written statement with regard to the claim, police report, repair estimate, technical report, etc.
  • The surveyor shall investigate the damaged site.
  • He shall make a report.
  • The report shall be submitted to the insurance company.
  • The insurance company shall examine the report.
  • The claim shall be either accepted or rejected on the basis of the report.

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Written By: PolicyBazaar - Updated: 12 June 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
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