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 […]
Does the Construction All Risk Policy cover damage to surrounding structures?
Yes, the construction all risk insurance policy covers damage to surrounding structures as well. Loss or damages to property which are located on or adjacent to the construction site, belong or held in custody or control of the policyholder shall be covered if the loss/damage occurs directly due to those construction items which are insured […]
What does 72-hour clause signify in construction all-risk policy?
72-hour Clause in Construction All-risk Policy: There is an immense significance of 72-hour clause in construction all-risk policy. 72-hour clause signifies any losses or damages which occur during any period of 72 consecutive hours and which arises due to= Earthquake, subterranean fire, volcanic eruption, Earth movement or collapse Bushfire Wind, storm, hurricane, cyclone, typhoon, hail, rainwater, […]
How to calculate the premium in construction all risk policy?
In any insurance, the insured transfers the risk to the insurer. However, in undertaking this risk, the insurer charges an amount known as the premium. The insured pays this amount consistently to their insurer. Buyer must know premium calculation in construction all risk policy. Factors deciding the premium rates of construction all risk policy: In […]