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.

₹1 Lakh cover starting at ₹590/month⁺

Your shield for every construction project from

fire or theft

third-party injury

unforeseen site damages

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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.

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⁺Premium may vary on the basis of business activity, type etc.
⁺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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