Contractor All Risk Insurance for Universities

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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