SBI Contractors All Risk Insurance

SBI Contractors All Risk Insurance policy is crafted to provide extensive protection for civil engineering projects where civil works constitute more than 50% of the total contract value. This policy offers coverage during storage, erection, construction, and continues until the completion and handover of the project to the principal. With its comprehensive scope, SBI ensures that contractors are equipped to manage potential risks effectively, enabling smooth project execution with greater confidence and reliability.

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Get ₹1 crore cover starting at ₹6,500+ for a 1 year project

Get ₹1 crore cover starting at ₹6,500 + for a 1 year project

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About SBI General Insurance Company

SBI General Insurance is a rapidly growing private insurance provider, supported by the trusted legacy of the State Bank of India. Founded in 2009, the company has expanded significantly, increasing its presence from 17 branches in 2011 to over 146 branches nationwide. In the financial year 2023-24, it recorded a 17% growth in Gross Written Premium (GWP), reaching ₹12,731 crores.

With a team of over 8,000 employees and a robust multi-channel distribution system, including Bancassurance, Agency, Broking, Retail Direct, and Digital platforms, SBI General ensures easy accessibility to its services. Its network comprises more than 22,518 touchpoints, such as SBI branches, agents, financial partners, OEMs, and digital collaborators, providing coverage across urban and rural regions. The company offers a diverse range of insurance products, catering to Retail, Corporate, SME, and Rural customers, ensuring availability through both online and offline channels.

SBI Contractors All Risk Insurance Inclusions

The SBI Contractors All Risk Insurance policy is divided into two sections:

Section I: This section covers loss, damage, or destruction of property due to causes not specifically excluded in the policy, necessitating repair or replacement. The insurer will compensate for such losses or damages up to the amount specified for each item, subject to the total sum insured under the policy.

Section II: This section provides coverage for:
a) Legal liability arising from accidental damage to third-party property.
b) Legal liability for fatal or non-fatal injuries caused to third parties (excluding the insured’s employees or workers or those employed by the property owner) due to construction activities.

Additionally, the policy includes coverage for:
a) Litigation costs and expenses awarded to claimants against the insured.
b) Costs or expenses incurred by the insured with the insurer's prior written consent.

SBI Contractors All Risk Insurance Add-ons

The add-ons under the SBI Contractors All Risk Insurance are as follows:

  • Provision for Escalation: Coverage for increased project costs.
  • Clearance and Removal of Debris: Covers the cost of clearing debris after damage.
  • Express Freight and Overtime Rates: Includes holiday and overtime wages (excluding air freight).
  • Air Freight: Additional coverage for air freight expenses.
  • Custom Duty: Covers additional customs duty incurred.
  • Construction Machinery and Equipment: Protection for construction plants and machinery.
  • Breakage of Glass: Covers losses due to accidental glass breakage.
  • Storage Rate at Fabricator’s Premises: Covers stored materials at workshops or fabricator’s premises.
  • Maintenance Cover: Includes maintenance visits and extended maintenance coverage.

SBI Contractors All Risk Insurance Exclusions

The policy does not cover losses or damages arising from the following:

  • Policy Excess: Any loss or damage up to the excess amount specified in the policy schedule.
  • Inventory Discovery: Losses identified only during inventory checks.
  • Wear and Tear: Normal wear and tear or gradual deterioration caused by atmospheric conditions.
  • Faulty Design or Workmanship: Losses or damages resulting from defective design, construction, or workmanship.
  • Defective Materials: Costs for replacing, repairing, or rectifying faulty materials.
  • Construction Errors: Expenses required to correct errors or defects occurring during the construction process.
  • Specific Items: Loss or damage to items such as files, drawings, bills, currency, stamps, securities, cheques, and similar documents.
  • Contractual Obligations: Damages, penalties, or costs due to non-compliance with contract terms or failure to meet delivery or performance obligations.
  • Vehicles and Vessels: Loss or damage to vehicles licensed for road use, waterborne vessels, or similar equipment.

The liabilities that are excluded under the SBI Contractors All Risk Insurance are:

  • Bodily injury or illness to employees or workers associated with the contractor, principal, or any related entity.
  • Loss or damage to property owned by or under the custody of the contractor, principal, or any related entity.
  • Accidents caused by vehicles licensed for road use, waterborne vessels, or aircraft.
  • Any agreement by the insured to pay indemnities not covered under the policy.

SBI Contractors All Risk Insurance: FAQs

  • What are the key features of SBI Contractors All Risk Insurance?

    The key features of SBI’s Contractors All Risk Insurance policy are:
    • The policy offers protection against physical loss or damage to property during construction.
    • It covers for property damage and third-party liabilities.
    • It is tailored to suit the unique requirements of civil construction projects.
    • It covers all phases of the project by operating during storage, construction, erection, and handover of the project.
  • What are the benefits of SBI Contractors All Risk Insurance?

    The benefits of the SBI Contractors All Risk Insurance are as follows:
    • The policy protects contractors against unforeseen losses and liabilities.
    • It minimises financial burdens due to accidents or damage during construction.
    • It covers materials, temporary works, and third-party damages.
    • The policy ensures smooth project execution with comprehensive protection.
    • It offers additional coverages to address specific project risks.
  • What are the main coverages under SBI Contractors All Risk Insurance?

    The main coverages under the SBI Contractors All Risk Insurance are:
    • The policy covers sudden, accidental, and unforeseen damage to property on-site.
    • It provides coverage for legal liabilities arising from damage to third-party property or injuries.
    • The policy covers the cost of clearing debris after damage.
    • It protects against increased costs due to price escalation.
    • The policy includes coverage for maintenance visits and extended maintenance periods.
    • It also covers additional costs for air freight and customs duties if opted.

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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
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