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

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.