Contractors All Risk Insurance for Tunnel Construction

Contractors all risk insurance for tunnel construction provides coverage for physical loss or damage caused to construction material, insured property, plant & machinery used during the construction of tunnels. Along with this, the policy offers coverage for third-party liability arising due to work conducted at the construction site.

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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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FAQs

Q1. How many types of tunnel construction do contractors all risk insurance cover?
Ans: This policy offers coverage for two types of tunnel construction-
- Above sea level
- Below sea level
Q2. Who can buy contractors all risk insurance for tunnel construction?

Ans: All those who are in the civil construction business can purchase this policy. These include contractors, sub-contractors, principal or project owners, commission-based firms, and companies financing tunnel construction projects.
Q3. Are third-party claims covered under contractors all risk insurance?

Ans: Yes, in case of theft or burglary of the construction material or equipment, the insurer will provide coverage for it.
Q4. How do insurers calculate risk in contractors all risk insurance?

Ans: Based on the nature of the work and exposure to natural hazards at the project location, the insurer calculates the risks.

Why is Construction All Risk Insurance Important while Constructing a House?

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Policybazaar for Business - Contractors All Risk Insurance - Customer Reviews

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4.2

out of 5

Based on 28 reviews

1 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

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The details of insurance coverage, inclusions and exclusions are subject to change as per solutions offered by insurance providers. The content has been curated based on the general practices in the industry. Policybazaar is not responsible for the factual correctness of these details.