Contractors All Risk Insurance Insurance
Who Should Take Such Policy?
Any contractors, sub-contractors, or principal involved in construction work can take this policy.
Indicative Coverage:
- Fire & Lightning and chemical explosion.
- Physical explosions.
- Accidental damage during construction (due to dropping, falling, lack of skill, negligence, malicious act, or human error).
- Water damage, Flood, Storm, Tempest, Inundation, Earthquake.
- Collapse, Collision, Impact.
- Subsidence, landslide, rockslide.
- Burglary.
This policy consists of two sections:
| Section I – Material Damage | Section II – Third Party Liability |
|---|---|
| Project cost (construction cost) coverage | Personal Injury - Any one person |
| Increment in Project cost | Personal Injury : Any one Event/Period |
| Construction Plant & Equipment's coverage | Property Damage : Any one Event/Period |
| Clearance & Removal of Debris | Surrounding property coverage |
Common Exclusions (Non-Exhaustive):
- Loss due to cessation of work whether total or partial.
- Loss to files, drawings, accounts, bills, currency, stamps, deeds, securities, cheques or packing materials.
- Consequential loss of any kind or description including penalties, losses due to delay, lack of performance, loss of contract.
- Loss or damage to vehicles licensed for general road use or waterborne vessels or aircraft.
- Loss or damage to construction plant, equipment and construction machinery due to electrical or mechanical breakdown, failure, breakage or derangement, freezing of coolant or other fluid, defective lubrication or lack of oil or coolant (except if such breakdown causes external damage).