New India Assurance Contractors All Risk Insurance

Established in 1919 by Sir Dorabji Tata, The New India Assurance Company Limited is a multinational general insurance company headquartered in Mumbai. Originally founded as a private entity, it became a subsidiary of the General Insurance Corporation of India (GIC) after nationalization in 1973. However, in 2003, the Indian government assumed ownership from GIC, solidifying The New India Assurance's position as a key player in the global insurance sector. With a presence in 28 countries, the company continues to operate as a fully government-owned entity.

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New India Assurance Contractors All Risk: Inclusions

New India Assurance Contractors all risk insurance provides coverage for the following:

  • Section 1: Material damage provides coverage for the physical loss, damage, or destruction of the insured property, excluding causes explicitly outlined as exclusions in the policy.
  • Section 2: Third-party liability encompasses the legal liability imposed on the insured contractor for bodily injury or property damage incurred by third parties.

New India Assurance Contractors All Risk: Exclusions

Exclusions under Section 1, for which no claims are payable, cover:

  • Faulty design
  • Aesthetic defects unrelated to physical loss or damage from accidents, material defects, or workmanship defects.
  • Gradual deterioration, atmospheric conditions, rusting, etc., leading to loss or damage.
  • Loss discovered only during inventory taking.
  • Penalties for delays or non-fulfillment of contract terms resulting in loss.

New India Assurance Contractors All Risk: Add-ons

The Contractors All Risk policy can be extended to include:

  • Clearing and debris removal
  • Surrounding property damage not being a part of the contracted work.
  • Visits for maintenance/extended maintenance cover for accidental loss or damage during rectification in the maintenance period and/or expenses for rectifying original defects or faults during construction.
  • Earthquake coverage
  • Third-party liability coverage
  • Terrorism coverage

New India Assurance Contractors All Risk: FAQs

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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
out of 5
Based on 28 reviews
1 users
21 users
6 users
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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
Recently we got a project to work on a site. I made sure that i get the contruction all risk insurance policy. A friend of mine suggested to purchase it from PolicyBazaar website so i went on their website and made the purchase without any hassle. It was a suitable purchase as it provided compensation for material damage and many more Thanks to PolicyBazaar.
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