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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