ICICI Lombard Construction All Risk Insurance

ICICI Lombard Construction All Risk Insurance provides comprehensive coverage against risks arising during the construction phase. It protects civil engineering projects by covering public tliability, contract works, owned and hired-in plants, and employee tools. This policy ensures financial protection in unforeseen accidents, helping contractors manage risks effectively.

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ICICI Lombard Contractors All Risk Insurance Inclusion

The inclusions under the ICICI Lombard Contractors All Risk policy are:

Material Damage

A Contractors' All Risk policy covers financial losses resulting from material damage or destruction of property, machinery, buildings, and goods. It includes the cost of repair or replacement, provided the damage occurs under conditions outlined in the policy.

Third-Party Liabilities

This policy also provides coverage for third-party liabilities, including:

Damage to another person’s property.
Legal liabilities due to accidental loss of goods or machinery on-site.
Fatal or non-fatal injuries to individuals other than the insured's employees.

Categories of Covered Risks

The inclusions under a Contractors' All Risk policy are categorized based on the nature of risks, such as:

Locational Risks – Damage or loss caused by fire, lightning, or theft at the construction site.
Handling Risks – Losses due to impacts, falls, collisions, or equipment malfunctions (e.g., crane failures).
Testing and Commissioning Risks – Damage arising from electrical faults, short circuits, or safety system failures.
Human Error Risks – Losses due to negligence, sabotage, vandalism, riots, or terrorist acts.
Disaster-Related Risks – Damage caused by natural calamities such as floods, earthquakes, or hurricanes.

Exclusions in Contractors' All Risk Policy

A Contractors' All Risk policy does not cover certain situations where losses or damages occur. The exclusions, as outlined in the policy terms, include:

War and Related Risks: Damage caused by war, invasion, or military action.
Nuclear Hazards: Losses resulting from nuclear explosions or radiation.
Excess Claim Amounts: Any claim exceeding the coverage limits specified in the policy.
Intentional Damage: Wilful destruction caused by the insured or their representatives.
Wear and Tear: Losses due to natural ageing, depreciation, or gradual deterioration of machinery.
Defective Design: Damage caused by inherent flaws or faults in machinery design.
Work Stoppage: Losses incurred due to halted or delayed construction activities.
Stock-taking Discrepancies: Losses identified only during inventory checks.

Contractual Penalties: Fines or liabilities resulting from breaches of contract terms.

FAQs

1. What is ICICI Lombard Contractors All Risk (CAR) Insurance?

Ans: ICICI Lombard CAR insurance provides comprehensive coverage for construction projects, protecting against material damage and third-party liabilities during construction.
2. Who should buy ICICI Lombard Construction All Risk policy?

Ans: This policy is essential for contractors, builders, engineers, construction companies, and project owners involved in civil engineering projects.
3. What does ICICI Lombard Contractors All Risk policy cover?

Ans: It covers material damage due to unforeseen events (fire, theft, natural disasters, machinery breakdown, etc.) and third-party liabilities, including property damage or injury to non-employees.
4. What are the exclusions under ICICI Lombard CAR insurance?

Ans: Exclusions include war-related risks, nuclear hazards, intentional damage, natural wear and tear, defective design, and penalties due to contract breaches.
5. How long does the ICICI Lombard CAR policy remain valid?

Ans: The policy remains valid throughout the construction period, as specified in the contract. Extensions may be available based on project needs.
6. Can this insurance be customised?

Ans: Yes, coverage can be tailored with add-ons such as extended maintenance coverage, debris removal, or third-party liability extensions.
7. How is the premium for the ICICI Lombard CAR policy calculated?

Ans: Calculating the premium depends on factors like project value, construction type, location, duration, and additional coverage requirements.
8. How do I file a claim for ICICI Lombard CAR policy?

Ans: In case of a claim, notify the insurer immediately, document the damage with photos, provide necessary reports, and submit all required documents for processing.

Why is Construction All Risk Insurance Important while Constructing a House?

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Policybazaar for Business - Contractors All Risk Insurance - Customer Reviews

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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

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

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The details of insurance coverage, inclusions and exclusions are subject to change as per solutions offered by insurance providers. The content has been curated based on the general practices in the industry. Policybazaar is not responsible for the factual correctness of these details.