Bajaj Allianz Contractors All Risk Insurance

Founded more than two decades ago, Bajaj Allianz General Insurance Co. Ltd. is a strong entity resulting from the partnership between Allianz SE and Bajaj Finserv Limited. The company initiated its general insurance operations in India on May 2, 2001, and has now marked over 20 years of dedicated service in the insurance sector. Currently, Bajaj Allianz ranks among the top three insurance providers in India.

Read more
contractors-all-risk-insurance

Get right expert advice

Hassle free policy

Speedy Claims

Fast-track your search with instant quotes from top insurers

Get ₹1 crore cover
starting at ₹6,500/transit+

Step 1/2

Get ₹1 crore cover starting at ₹6,500/transit +

Property Type
secure-icon We don't spam
Get Updates on WhatsApp
View Plans
By clicking on "" you agree to our Privacy Policy and Terms Of Use

Get ₹1 crore cover
starting at ₹6,500/transit+

Step 2/2
Get Updates on WhatsApp
Fast-track your search with instant quotes from top insurers
Expert advice

Buy right

Instant policy

Quick & Hassle free

Dedicated team

Speedy Claims

Bajaj Allianz Contractors All Risk Insurance: Inclusions

The Contractors' All Risk insurance provided by Bajaj Allianz General Insurance covers the following:

SECTION I - MATERIAL DAMAGE

The Company agrees with the Insured, as per the terms and conditions herein or endorsed, that if, during the insurance period specified in the Schedule, or any extended period, the property (excluding packing materials) described in the Schedule is lost, damaged or destroyed by any cause not specifically excluded, necessitating replacement or repair, the Company will compensate for such loss or damage. The payment is subject to limits specified in the Schedule for each item and an overall limit for the total sum insured.

The Company will also cover the cost of clearing and removing debris resulting from an admissible claim under this Policy, not exceeding the specified amount in the Schedule.

EXCLUSIONS TO SECTION I

The Company is not liable for::

  • The initial amount of loss mentioned as Excess in the Schedule for each occurrence.:
  • Loss discovered only during inventory.
  • Normal wear and tear, deterioration due to atmospheric conditions, lack of use, obsolescence, rust, scratching of surfaces, or breakage of glass.
  • Loss or damage due to faulty design.
  • Costs for repairing defective material or workmanship, limited to the immediately affected items.
  • Costs for correcting errors during construction unless resulting in physical loss or damage.
  • Loss or damage to specific items like files, drawings, currency, deeds, packing materials, etc.
  • Damages or penalties due to the Insured's non-fulfillment of contract terms or lack of performance, including consequential losses.
  • Loss or damage to vehicles, water vessels, or machinery/equipment on floating vessels, craft, barges, or aircraft.

SECTION -I PROVISIONS

  • Memo 1: SUM INSURED:
    The insured property's sum of insurance, as stated in the schedule, must not fall below its fully erected value, inclusive of freights, custom duty, and erection cost. The insured agrees to adjust the insurance amount based on significant fluctuations in wages or prices, with changes taking effect only after being recorded on the policy by the Company.
  • Memo 2: PREMIUM ADJUSTMENT:
    The sum insured for contract works is adjustable upon construction completion, based on actual values declared by the insured for freight, handling charges, customs dues, and construction cost. Any change in the prime cost of materials doesn't affect premium adjustment.
  • Memo 3: REINSTATEMENT OF SUM INSURED:
    In case of loss or damage, the insurance remains in force, and the insured commits to paying a pro-rata additional premium on the claimed amount from the loss date to the policy's expiry.
  • Memo 4: BASIS OF LOSS SETTLEMENT:
    For damages that can be repaired, settlement is based on the repair cost minus salvage. For total loss, settlement is based on the actual value before the loss minus salvage, up to the extent claimed and included in the Sum Insured. Provisional repairs cost is covered if part of the final repairs, while alterations, additions, and improvements are not recoverable.
  • Memo 5: EXTENSION OF COVER:
    Extra charges for overtime, holiday work, and express freight (excluding air freight) are not covered unless agreed upon at an additional premium.
  • Memo 6: CONSTRUCTION PLANT AND MACHINERY:
    Loss or damage to Construction Plant and Machinery excludes damage caused by its own explosion, mechanical breakdown, or derangement.
  • Memo 7: SURROUNDING PROPERTY:
    Loss or damage to property adjacent to the site is covered only if directly due to the construction of insured items, with a separate sum specified in the schedule.
  • Memo 8: MAJOR PERILS/AOG Perils:
    Major peril/Acts of God claims include earthquake, landslide, flood, storm, collapse, and water damage for 'wet' risks.
  • Memo 9: REINSTATEMENT OF THE INDEMNITY LIMIT:
    Reinstatement of the indemnity limit after a claim is allowed for extensions like express freight, overtime, surrounding property, and air freight.
  • Memo 10: THIRD PARTY LIABILITY:
    Third party liability (TPL) cover is not granted during extended maintenance.

SECTION II - THIRD PARTY LIABILITY

The company will provide indemnity to the insured for:

  1. Legal liability due to accidental loss or damage to the property of other persons, excluding property used in connection with construction.:
  2. Legal liability for fatal or non-fatal injury to any persons, excluding the insured's employees, directly resulting from the construction described in the Schedule.

The total liability of the company during the insurance period for this coverage is limited to the indemnity limits specified in the Schedule. The company will also indemnify the insured for costs and expenses of litigation recovered by claimants and those incurred with the written consent of the company.

EXCLUSIONS TO SECTION II

The company will not indemnify the insured for:

  • The excess stated in the Schedule for property damage in a single occurrence.
  • Expenditure related to activities covered under Section I of this Policy.
  • Liability for bodily injury to employees of the contractor, principal, or any other connected firm, or members of their families. It also excludes loss or damage to property under their care, custody, or control, and accidents involving vehicles, vessels, or aircraft.

CONDITIONS APPLYING TO SECTION II

No admission, offer, payment, or indemnity shall be made without the written consent of the company. The company can take over the defence or settlement of any claim, and the insured must provide all necessary information and assistance.

The company may pay the limit of indemnity for any accident/period, deducting any sums already paid, and thereafter has no further liability for that accident under this section.

Bajaj Allianz Contractors All Risk Insurance: FAQs

Written By: PolicyBazaar - Updated: 18 December 2023
Policybazaar for Business - Contractors All Risk Insurance - Customer Reviews
View all
4.2/5
Based on 28 reviews
4.2
out of 5
Based on 28 reviews
1 users
21 users
6 users
0 users
0 users
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