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

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.