What is "Contractors All Risk insurance" and what does it cover?
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Policy that covers all risks associated normally with a construction project.Originally Posted by Vipul
This policy is specially designed to give financial protection to the Civil Engineering Contractors in the event of an accident to the civil engineering works under construction.
The policy comprises of 2 Sections :
Section I - Material Damage - covering physical loss, damage or destruction of the property insured by any cause, other than those specifically excluded in the policy.
Section II - Third Party Liability - covering the legal liability falling on the insured contractor as a result of bodily injury or property damage belonging to a third party.
Add on covers
The policy can be extended to cover the following items :-
1- Construction equipment like scaffolding, shuttering materials
2- Construction equipment like scaffolding, shuttering materials
3- Damage to surrounding property not forming part of the contract work.
4- maintenance visit / extended maintenance cover to cover accidental loss or damage whilst carrying out any rectification during maintenance period and / or any amount incurred for rectification of such original defects or faults during construction.
Who can take the policy
The policy can be taken by the principal, contractor or sub contractor, jointly or separately.
Source - New India Assurance
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