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 following risks shall not be covered under the contractor's all risk insurance policy.
- 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
We don't spam
