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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    +Disclaimer: The starting premium of ₹590 is for a 1-month project with ₹1 lakh Sum Insured, applicable to the occupancy 'Other sundry works for residential/commercial building' under TATA AIG in Delhi. The actual premium may vary based on occupancy type, insurer, add-ons, and location. Standard terms and conditions apply. Please refer to the sales brochure for complete details on risk factors, terms, and conditions before making a purchase.
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