Contractors’ All Risk Insurance Policy
Civil construction projects such as buildings, roads, dams, airports, water tanks, flyovers, tunnels, sewage treatment plants, etc. face many foreseen and unseen risks. These can be physical loss or damage to property, plant, machinery, and tools, works brought on to the site and temporary works erected on-site, as well as third-party liability related to work conducted on the site. Contractor’s All Risk Insurance Policy is a tool which is designed to financially safeguard the contractors in the event of such unwanted events.
- Damage to property insured against sudden and unforeseen causes that necessitate its repair or replacement.
- In case of repairs and replacements, the settlement is based on the production of bills.
- In the case of total loss, the settlement will be actual value immediately before lossless salvage.
- Legal liability for accidental loss or damage caused to the property of other persons including property held in trust by or under the custody of the insured for which he is responsible, excluding any such property used in connection with construction thereon.
- Legal liability (liability under contract excepted) for fatal or non-fatal injury to any persons other than the insured’s own employees or employees of other firms connected with any other construction work or members of the insured’s family directly consequent upon or solely due to the construction of any insured property.
- Covers cost of litigation recovered by any claimant from the insured.
- Also covers all costs and expenses incurred with the written consent of the insurance company.
Section I – Material Damage
Section II – Third Party Liability
- Loss or damage due to war or warlike operations, civil commotion, etc.
- Loss or damage due to Willful act or Negligence of the Insured or of his representative.
- Loss or damage due to nuclear reaction, nuclear radiation or radioactive contamination.
- Loss discovered only at the time of taking an inventory.
- Loss or damage due to normal wear and tear, gradual deterioration due to atmospheric conditions or lack of use, rust.
- Loss or damage due to faulty design.
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