Contractor all risk insurance is a comprehensive insurance policy primarily designed to provide financial protection against construction-related risks. Let us assume a scenario in which ‘XYZ’ builder is constructing a high-rise building. Heavy storms hit during the middle of the construction period and damaged the project site, resulting in heavy repair costs and significant delays […]
How does Erection All Risk insurance differ from other construction insurance?
Construction business involves various types of risks, ranging from financial, project management risk, environmental risk, and contractual risks to safety and regulatory risks. Considering the high-risk exposure, having various types of construction insurance suitable for the business is important. Specifically, if the business is involved in construction projects that include the erection and installation of […]
Importance of Contractor All Risk Policy in Civil Engineering Projects
Contractors All-Risk Policy Civil engineering projects involve heavy financial investments in labour, raw materials, and equipment. These businesses face various risks related to weather, site conditions, and human factors. These risks affect workers and third parties such as the surrounding public and neighbors. Every civil engineering project comes with its own set of risks and […]
Securing Your Construction Business from All Sides
The construction business including the residential, civil and commercial projects forms the second largest industry in India in terms of work force employed and the one with most hazards second only to the mining industry. Construction sites carry high risks as workers need to work in conditions that need extra caution for safety. Also, the […]
Key Exclusions one should be Aware of before taking Construction All Risk Insurance
A construction project is a complex and demanding undertaking that requires planning and co-ordination at so many levels. The project requires getting legal clearances and arrangement of resources, labour, construction material and requisite equipment’s. But despite all this organization, things can go wrong and the chance of risk cannot be undermined, which is why most […]
For under-construction home buy contractor’s all-risk policy
Published in Mint on, Jul 16 2013, Written by Kapil Mehta Can I get fire insurance for my home even before construction is completed? —Avinash You can buy a contractor’s all-risk policy that will cover you for material damage and third-party liability. Material damage includes loss due to fire, floods, malicious damage or earthquake. It […]
Know All About Construction All Risk Insurance Policy
The construction site is vulnerable to various perils like fire, earthquake, war, etc. Many times, even safety precautions fail to prevent these accidents. To curtail the impact of accidents, it is essential to buy construction all risk insurance policy to cover risks which may arise at a construction site. Here is what you should know […]
Construction All Risk (CAR) Insurance policy
Q. What is Construction All Risk Insurance? Construction All Risk Insurance / Contractors’ All Risk covers civil construction projects such as residential and office buildings, hospitals, schools, theatres, roads, railways, bridges, tunnels, airports, dams, weirs, irrigation and drainage facilities, canals and ports. In addition the following will also be covered:- i. Preparatory work at the […]
How Does Construction All Risk Insurance Work?
On May 22, 2017, two workers, fell to their death from the 17th floor while working on the construction site of the Paradise Group. The rope of the metallic plank snapped. A significant amount of planning and expertise are invested in any construction project. The most significant fear for those involved in the construction business […]
Tips for Hassle-Free Claim Settlement Under Construction All Risk Insurance
While it is good to have a construction all risk insurance policy to get coverage for all risks during construction, it is essential to know the claim process as well to make the optimum use of the policy. Here, are a few tips which you should follow if you want to enjoy hassle-free claim settlement […]