Contractors All Risk Insurance for Sundry Works and Residential Buildings

Contractor All Risk (CAR) Insurance is essential for contractors and subcontractors. The insurance provides several kinds of coverage to the insured. It indemnifies the policyholder against potential risks. This includes fire, accidental damage, storm, flood, etc. The contractors all risk insurance for sundry works for residential buildings is an important policy for the individual engaged in the construction of homes and apartments.

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Contractors All Risk Insurance for Sundry Works for Residential Buildings: Inclusions

The contractor all risk insurance policies for residential buildings provide coverage against the following risks.

  • The CAR policy indemnifies the policyholder against any loss or damage caused due to construction faults
  • The CAR policy covers the policyholder against loss or damage caused due to fire
  • The CAR policy covers the insured against loss caused due to earthquake
  • Any loss or damage caused due to negligence or human errors shall be covered by CAR policy
  • The material damage falls under the purview of CAR policy coverage
  • The legal liability that arose due to accidental damage shall be covered under a CAR policy
  • Any shock or allied perils shall be covered under the CAR policy

Contractors All Risk Insurance for Sundry Works for Residential Buildings: Exclusions

The contractor's all risk insurance policy does not provide coverage for the following.

  • Any loss or damage caused due to a nuclear explosion shall not be covered under the contractor all risk insurance
  • Damage caused due to partial or total cessation of work shall not be covered under the CAR policy
  • Any loss committed willfully by the policyholder shall not be covered under the CAR policy
  • Loss or damage caused due to the utilization of defective material is not subject to cover under the CAR policy
  • Any loss or damage caused due to the deployment of bad workmanship shall not be covered under the CAR policy
  • Faulty design is not subject to be covered under the CAR policy
  • Normal wear and tear falls under the exclusion of CAR policy

Contractors All Risk Insurance for Sundry Works for Residential Buildings: Add-ons

The followings are the add-ons of CAR policy for sundry works for residential buildings.

  • A policyholder may extend the coverage of the CAR policy by availing the coverage against the damage caused to the surrounding property
  • Loss incurred to the policyholder due to shortage or material can be covered under the CAR policy
  • The policyholder may add coverage of bodily injury caused to any third party or employee due to the removal of debris
  • Coverage for the equipment or machinery can be covered under the CAR policy

Contractors All Risk Insurance for Sundry Works for Residential Buildings: Claiming Process

The policyholder may follow the mentioned below steps in order to file an insurance claim under the CAR policy.

  • The insured is required to inform the insurance company about the loss or damage caused to the property
  • The policyholder is further required to write a letter to the insurer delineating the loss or damage caused to the insured property
  • The insured must lodge an FIR or complaint if the loss is caused due to theft or burglary
  • The policyholder must try or strive to minimize the loss to the best possible extent
  • The insurance company shall appoint a surveyor
  • The surveyor shall investigate the event
  • The surveyor shall make the report about the loss caused to the insured
  • The surveyor shall submit the report to the insurer
  • The insurer shall either accept or reject the claim on the basis of the report submitted by the surveyor

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Written By: PolicyBazaar - Updated: 07 June 2023

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Policybazaar for Business - Contractors All Risk Insurance - Customer Reviews
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4.2/5
Based on 28 reviews
4.2
out of 5
Based on 28 reviews
1 users
21 users
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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