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Contractors All risk policy is specially designed to give financial protection to the Civil Engineering Contractors in the event of an accident to the civil construction works under construction. It also covers third party liability that may arise due to accident at the construction site.
Covers liability that may arise from the damage of owner’s surrounding properties due to ongoing construction activities.
Flexibility to pay premium in quarterly or annual installments.
The policy requires that the sum insured should not be less than the total value of the erected property including freights, custom duty, and cost of construction with minor adjustments that may vary due to increase or decrease of wages or prices at the time of policy purchase.
Any such claims, where in the damage to the construction activity is caused due to faulty design gets rejected. Design Defect extension can be procured to cover specific situations.
Claims against losses or liabilities arising out of penalty, non-adherence to the local laws, environment policies and non –fulfillment of the terms of the contracts are not covered.
Claim can be rejected if it is revealed that the reason for the damage of loss of property is due to use of defective and poor quality material.
The insurer should be immediately informed about the incident. Upon intimation, insurer will appoint a surveyor to physically inspect the loss. No repair or reinstatement should begin before inspection by the surveyor.
You can get a host of add on cover such as cost of removal of debris, express freight, terrorism, escalation, extended maintenance cover, loss of damage caused from rectification efforts and others.
The primary exclusions from standard construction all risk policy are: consequential losses, cessation of work, inventory losses, war and related perils, radioactive contamination etc.
We have specialized marine underwriters and tie-ups with international experts.
We work with all insurers to get you the best options- both in terms of price and features.
Cover notes are issued within hours of request. This ensures that your goods don’t sit idle at any stage.
We manage all aspects of your claim - from survey appointment to documentation to insurer follow-up.
We will advice you on risk management best practices.
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