Contractor All Risk Insurance for Universities

Building and developing a university from the ground-up is a risky task. It includes several kinds of risks which may halt the construction work. In addition, a contractor engaged in such work may suffer from a huge loss in case of a loss or damage suffered on the construction site. It may invite lawsuits from various third parties. In order to mitigate such risks, a contractor must subscribe to the contractor all risk insurance for universities.

₹1 Lakh cover starting at ₹590/month⁺

Your shield for every construction project from

fire or theft

third-party injury

unforeseen site damages

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Contractor All Risk Insurance for Universities: Inclusions

The following are the inclusions of contractor all risk insurance for universities.

The CAR policy indemnifies the policyholder against any material damages to the property.

The CAR policy shall pay for the damage or loss caused due to the accident.

Any legal liability arising to the policyholder due to the fatal injury to a third party shall be compensated under the CAR policy.

Loss or damage caused due to faults in construction shall be covered under the contractor's all risk insurance policy.

Any loss or damages caused due to fire shall be covered under the contractor all risk insurance policy.

Fire and allied perils are covered under the CAR insurance policy.

Any loss arising due to human error shall be dealt with under the CAR policy.

Any damage that arose due to negligence of the policyholder shall be covered under the CAR policy.

The CAR policy shall indemnify the insured against a loss or damages that arise due to earthquake or shock or allied perils.

Loss or damage caused to the university’s building due to floods, storms, or cyclones shall be covered under the contractor's all risk insurance policy.

Contractor All Risk Insurance for Universities: Exclusions

The CAR insurance policy is not subject to providing any coverage for the loss or damages caused due to war.

Any loss or damage that has been caused due to a nuclear explosion shall be excluded from the contractor's all risk insurance policy.

Total or partial cessation of work shall not be covered under the CAR policy.

Any loss or damages caused due to willful or deliberate action of the insured shall not be covered under the CAR policy.

Any willful negligence caused to the property shall be excluded from the CAR policy.

A policyholder who suffered from a loss due to the usage of defective material is not entitled to file a claim under the contractor all risk insurance policy.

Any damage or loss caused due to the recruitment of bad workmanship shall be excluded from the coverage of the CAR policy.

Normal maintenance is not included under the CAR policy.

Any loss or damage arising due to the faulty design of the university building shall not be covered under the CAR policy.

Contractor All Risk Insurance for Universities: Add-ons

The policyholder may extend the coverage of the policy by adding the following risks.

Damage caused to the property situated surrounding the construction work can be covered under the CAR policy.

Loss for construction equipment such as shuttering material can be covered under the CAR policy.

Maintenance coverage or visits can also be covered under the CAR policy.

Any loss or damage caused due to shortage or disappearance of inventories can be covered by the CAR policy.

Contractor All Risk Insurance for Universities: Claiming Process

The policyholder may follow the mentioned below steps in order to file a claim under the contractor all risk insurance policy.

Inform the insurer

Send written notification

Lodge complain or FIR in case of theft

The Surveyor shall be appointed

Cooperate with surveyor

The Surveyor shall make a report

Submission of report

Acceptance or denial of the claim

FAQs

Q: Who should purchase contractor all risk policy?

Ans: He must inform the insurance company about the loss. Later, he should fill out the claim form and submit it along with the essential document asked by the insurance company.
Q: How the premium is calculated in the contractor all risk policy?

Ans: On the basis of the sum insured, add-ons, risk, location, etc.
Q: When should the insured inform the insurer about the claim?

Ans: It should be informed soon after the occurrence of the claim.
Q: What documents are required to be submitted along with the claim form?
Ans: The following documents are required to be submitted along with the claim form.
- Policy contract
- Photo or video of the incident
- Other relevant documents