Contractors All Risk Insurance for Stadiums

Contractors All Risk Insurance for Stadiums: Inclusions

• Coverage shall be provided for construction risk.
• Parties associated with the contract shall be entitled to coverage.
• Comprehensive Coverage
• Tailored Coverage
• Financial protection shall be provided to the parties suffering from an injury or loss.

Contractors All Risk Insurance for Stadiums: Exclusions

• Damage or losses caused by normal wear and tear, aging, or deterioration of the stadium or its components are not covered by Contractors All Risk Policy.
• Losses or damages that arise from the faulty design of the stadium or its components are excluded.
• Contractors All Risk Insurance policies typically exclude losses caused by acts of war or terrorism. This includes acts committed by terrorists or military forces.
• Losses or damages resulting from nuclear reactions or nuclear radiation are generally not covered under the policy.
• Damage or losses that result from deliberate acts by the contractor, owner, or other parties involved in the construction project are excluded.
• Losses that arise from business interruption, loss of profit, or other indirect or consequential losses are typically not covered by Contractors All Risk Insurance.

Contractors All Risk Insurance for Stadiums: Add-ons

• Third-Party Liability Insurance
• Professional Indemnity Insurance
• Contract Works Insurance
• Delay in Start-up Insurance
• Plant and Machinery Insurance

Claiming Process under Contractors All Risk Insurance

Follow the steps below to raise a claim under Contractors all risk insurance for Stadium:

• Step 1: As soon as the insured party becomes aware of a loss or damage to the stadium, they should notify the insurer immediately.
• Step 2: The insured party should take photos and document the extent of the loss or damage to the stadium.
• Step 3: The insured party should submit a formal claim to the insurer, which should include details of the loss or damage and any supporting documentation.
• Step 4: The insurer may send a representative to inspect the stadium and investigate the cause of the loss or damage.
• Step 5: The insurer will assess the claim and determine the amount of compensation to be paid. The insured party may need to provide additional documentation or information to support the claim.
• Step 6: Once the insurer has approved the claim, they will pay the insured party the agreed amount of compensation.

FAQs