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 […]
Articles Tagged: construction all risks insurance
What Are Some of The Conditions Applicable To The Construction All-Risk Policy Claims?
There are two types of losses payable by a construction all-risk (CAR) policy: Material Damage Third-Party Liability These conditions are derived from the principle of indemnity and ensure that the insured does not profit from the insurance claims. Conditions Applicable to Material Damage Claims Repairable damages should be repaired unless the cost of repair exceeds […]
What is the basis of Loss Settlement in Construction all-risk policy?
Construction is vulnerable to various losses or damages. As a contractor, it is necessary for you to meet the client’s deadline. Here construction all-risk insurance policy can help you by covering various risks during construction. Mainly, it offers coverage for physical loss or damage to the property, tools, plant & machinery, along with the third-party […]
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, […]
What is 50:50 Clause in Construction All-Risk Insurance Policy?
As a building developer or contractor, it is necessary for you to safeguard your capital investments and work in progress or material which are bought for use in the project against various types of losses or damages. Here you will get a better idea about the 50:50 Clause in the construction of all-risk insurance policies. […]
What is Claims Series Clause in Construction all Risk Policy?
As per the claims series clause in Construction all Risk Policy, where a series of losses or damages or bodily injuries and deaths happen due to factors that are directly or indirectly related, then claims for such losses shall be added together and treated as one claim. We consider such claims as made at a […]
How much coverage does construction all-risk insurance provides?
As a contractor, it’s your responsibility to ensure the financial protection of the civil engineering work, you are carrying out. Therefore, it is essential to get financial protection against various losses or damages. This you can do with the cover in construction all-risk insurance policy that can be helpful. The policy would play an imperative […]
Ten Scenarios When Your Claim Gets Rejected Under the Contractors’ All Risk Policy
As a contractor, it is your prime responsibility to safeguard your capital investment against any losses or damages and ensure the completion of the work within the deadlines. To deal with unforeseen situations, there is a contractors’ all-risk insurance policy which covers risks that may arise during construction. It includes physical loss or damage to […]
How does Reinstatement of Indemnity Limit Work in Construction All Risk Policy?
As a building developer or contractor, you are required to take steps to safeguard your capital investments against various losses or damages along with the work in progress or the materials which were bought for use in the project. Here, the Construction All Risk Insurance policy can help you by covering losses or damages to […]