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.

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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 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

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Written By: PolicyBazaar - Updated: 12 June 2023

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Policybazaar for Business - Contractors All Risk Insurance - Customer Reviews
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4.2/5
Based on 28 reviews
4.2
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Based on 28 reviews
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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
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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