Contractors All Risk Insurance for Residential & Commercial Building

Contractors all risk insurance for residential and commercial building provides coverage against any loss or damage caused to the construction machinery, equipment or construction plant during the construction of the building. The policy also covers third-party claims arising due to bodily injury or property damages.

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Types of Residential & Commercial Building Sub Categories

Here is a list of sub categories under Contractors all risk insurance for Residential & Commercial building:

Other than RCC & exceeding 2 storeys and up to 5 storeys
Other than RCC and not more than 2 storeys
RCC framed structure above 5 storeys and up to 10 storeys
RCC framed structure above 10 storeys and up to 15 storeys
RCC framed structure above 15 storeys and up to 25 storeys
RCC framed structure above 25 storeys and up to 30 storeys
RCC framed structure above 30 storeys and up to 40 storeys
RCC framed structure above 40 storeys and up to 50 storeys

*The project period varies from 1 month to 24 months

Contractors All Risk Insurance for Residential & Commercial Building: Inclusions

Contractors all risk insurance for residential and commercial building provides coverage for the following:

Loss or damage caused due to fire and lightning
Loss or damage caused due to Riot/Strike/Malicious activities
Loss or damage caused due to flood, storm, Inundation, tempest
Loss or damage caused due to collision, collapse or impact
Loss due to theft & burglary
Loss or damage due to landslide, rockslide or subsidence

Contractors All Risk Insurance for Residential & Commercial Building: Exclusions

Contractors all risk insurance for residential and commercial building does not provide coverage for the following:

In case of cessation of construction work whether total or partial
Regular wear and tear
Inventory losses are not covered
Loss or damage caused due to faulty design
Loss or damage is caused due to war or other related perils
Loss or damage caused due to defective material
Loss or damage due to nuclear reaction, radioactive contamination or nuclear radiation
Loss or damage caused due to willful misconduct or negligence of the insured
Any kind of consequential loss

Contractors All Risk Insurance for Residential & Commercial Building: Additional Coverage

Here are some of the additional coverages provided under Contractors All Risk Insurance for Residential & Commercial Building:

Third-party liability
Contractors plant & machinery
Surrounding property
Earthquake
Terrorism
Maintenance visit or extended maintenance
Construction equipment like shuttering material, scaffolding, etc.
Removal of debris

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FAQs

Ques 1: Is contractors all risk insurance policy mandatory to purchase?

Ans: It is obligatory for the contractors to purchase contractors all risk insurance before the commencement of the project. The policy should be purchased by principal and contractors in their joint names.
Ques 2: What impacts the cost of contractors all risk insurance?

Ans: The more add-ons you purchase the more insurance premium you will have to pay for that additional coverage.
Ques 3: Does contractors all risk insurance policy provide coverage for the risk pertaining to the surrounding property?

Ans: Basic coverage does not provide cover for the risk pertaining to the surrounding properties but the insurance companies do offer add-on to cover the surrounding properties.
Ques 4: Does contractors all risk insurance provide coverage for the removal of debris?

Ans: Insurer offers an add-on for the coverage of the removal of debris.

Why is Construction All Risk Insurance Important while Constructing a House?

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Policybazaar for Business - Contractors All Risk Insurance - Customer Reviews

View all 28 reviews

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4.2

out of 5

Based on 28 reviews

1 users

21 users

6 users

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0 users

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

Disclaimers⁺
⁺Premium may vary on the basis of business activity, type etc.
⁺Disclaimer: The starting premium of ₹590 is for a 1-month project with ₹1 lakh Sum Insured, applicable to the occupancy 'Other sundry works for residential/commercial building' under TATA AIG in Delhi. The actual premium may vary based on occupancy type, insurer, add-ons, and location. Standard terms and conditions apply. Please refer to the sales brochure for complete details on risk factors, terms, and conditions before making a purchase.
By clicking on "View Plans" you agree to our Privacy Policy and Terms Of Use and also provide us a formal mandate to represent you to the insurer and communicate to you the grant of a cover.
The details of insurance coverage, inclusions and exclusions are subject to change as per solutions offered by insurance providers. The content has been curated based on the general practices in the industry. Policybazaar is not responsible for the factual correctness of these details.

Claude