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.

₹1 Lakh cover starting at ₹590/month⁺

Your shield for every construction project from

fire or theft

third-party injury

unforeseen site damages

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Wallet-friendly plans
24/7 claim support
IRDAI-certified advisors

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

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.