Contractors all risk policy covers damages to under construction civil projects by sudden, and accidental causes. It also covers the damage to the material purchased for the project at the site.
Construction all risk insurance covers third party property damage that may arise due to accident at site. Policy also covers liability for fatal or non-fatal injury to persons other than employees.
We customise contractors all risk insurance policy according to your requirements. For example, construction equipment like scaffolding and shuttering materials can be covered in policy if required.
Contractors all risk insurance has limited exclusions such as willful negligence, and faulty workmanship. All other risks are covered. This gives a wide ambit of coverage for unpredictable risks
Contractors' all risks (CAR) insurance is a commercial insurance policy that will provide coverage for property damage and third-party injury or damage claims.
Property damage such as improper construction of structures, damage during a renovation and/or damage to temporary work erected on-site are all covered under a contractors all risk insurance policy. Injury or loss to third-parties for example: subcontractors getting injured working at the construction site, are also covered.
A CAR insurance policy covers for risks associated with civil construction business. It bridges the risks associated with property damage and damage to a third-party into a common policy to cover the gap between exclusions which would otherwise exist if there were separate policies. CAR insurance policy is commonly taken for construction projects as buildings, water tanks, sewage treatment plans, flyovers, and airports.
The intent of having such an insurance to get cover for all types of civil works, be it small or large, that are part of a civil construction. A contractor's all risk insurance covers various civil structures from damages such as fire, water, storm, impact, landslide and so on. This policy also covers for the third-party liabilities such as damage to life or property of a third-person arising due to your construction business. You can also modify such a policy to get coverage for add-ons such as owner’s property, vital construction documents and so on.
All Risk Cover for Construction Projects
Advance Loss of Profits
There are majorly two types of risks covered under a contractor all risk policy
Construction All Risk Insurance covers damage to the civil construction projects such as, residential and office buildings, hospitals, schools, theaters, roads, railways, bridges, tunnels, airports, dams, weirs, irrigation and drainage facilities, canals and ports. Policy also covers faults in projects and the temporary work erected or constructed on site.
A construction all risk insurance policy is specifically designed for people who are directly or indirectly involved in civil construction businesses or projects. Some of these named occupations are: contractors, sub-contractors or firms commissioned to carry out work, owner or purchaser, and companies financing the project.
Construction all risk insurance is also a must for someone such as a contractor or a principal developer who wants to have their hands on a new project. This insurance will cover a number of risks which can happen during the construction.
You should immediately inform our SecureNow team via call or email, in case any claim is encountered under the contractor all risk insurance such as: damage to the project site and so on. You will have to share the nature and extent of the loss or damage to the project. You’ll be suggested with further steps by a claims expert. Meanwhile, you should take all the possible steps to minimize the loss. We will inform the claim case to the insurer and they will appoint a surveyor for the inspection of the site. Our team will work with you and guide you towards all the necessary documents and steps to be followed, required by the insurance company, during the entire process.
Contractors all risk insurance policy is a highly personalized product which varies with requirements and the insurer. Some insurers in India provide such a personalized product and we deal with all of them. Top insurers dealing with builders risk insurance coverages are: HDFC Ergo, ICICI Lombard, TATA AIG, Orinetal Insurance and National Insurance.
To be able to get the best contractors all risk insurance policy in India it’s important that you understand the nuances associated with it. SecureNow, as your insurance advisor, will help you identify the right kind of product for your business needs. We request you to share your details on the form above and fill in the basic requirements such as type of building, value of contract and tenure. We’ll show you the basic premium for your insurance that’ll give you an idea of the premium associated with the policy you choose. Click on “buy now” for an insurance expert to assist you with further process by understanding your requirements well.
The common documents required for filing a claim under such an insurance policy are
Additionally, based on the type of claim you may have to submit some additional documents as asked by the insurer and surveyor during the course of the process.
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