Types of Tunnel Construction Coverage
There are two types of tunnel construction covered in this policy-
- Above sea level
- Below sea level
Note- *the project period might vary from 1 month to 24 months
Contractors All Risk Insurance for Tunnel Construction: Inclusions
Contractors all risk policy for tunnel construction covers the following perils-
- Loss or damage caused due to lightning and fire
- Loss or damage caused due to several natural calamities, including floods, storms, tempests, and inundations
- Loss or damage caused due to man-made hazards such as riots, strikes, and vandalism
- Loss arising out of theft or burglary
- Loss or damage arising out of collision or due to impact of any third-party vehicle or collapse
- Loss or damage caused due to landslides, rockslides, or subsidence
Contractors All Risk Insurance for Tunnel Construction: Exclusions
Contractors all risk insurance for tunnel construction does cover the following perils-
- Loss arising due to defective material or faulty design
- An inventory loss
- Loss arising due to regular wear & tear of machinery or any other equipment
- Loss or damage arising out of war or any other related perils
- Loss or damage caused due to radioactive contamination, nuclear reaction, or radiation
- Consequential losses in the insured property
- Loss or damage arising out of cessation of work, whether partial or complete
- Loss or damage caused due to willful negligence or willful act of the policyholder
Contractors All Risk Insurance for Tunnel Construction: Add-ons
To enhance the coverage of contractors all risk insurance policy, insurers offer add-on cover for the following perils-
- Coverage for contractor's plant and machinery
- Coverage for earthquakes
- Coverage for construction equipment, including scaffolding, shuttering material, etc.
- Third-party liability coverage
- Surrounding property damage cover
- Coverage for removal of debris
- Coverage for the act of terrorism
- Coverage for a maintenance visit or extended maintenance
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