Contractor All Risk Insurance

It covers material damage, third-party liability, and loss or damage to construction plant and equipment.

Yes, natural disasters can be covered if included in the policy or through add-on covers.

Common exclusions include wear and tear, defective design, war and terrorism, and contractual liability.

The indemnity period is the duration for which the insurance will cover the financial impact of a loss, typically starting from the date of the incident.

Yes, policies can be tailored to meet the specific needs and risks of different industries.

Documentation typically includes incident reports, photos, proof of loss, and any other relevant records.

Wages may be covered if specified in the policy or through add-on covers for business interruption.

Coverage for losses due to building code enforcement can be included as an add-on cover.

Failure to reinstate the sum insured may result in reduced coverage for subsequent claims.

Yes, professional fees can be covered if included in the policy or through add-on covers.

Vandalism and civil commotion can be covered if specified in the policy or through add-on covers.

Loss of market is typically excluded unless specifically included as an add-on cover.

Increased costs due to resumption of operations can be covered if specified in the policy or through add-on covers.

Yes, special conditions for add-on covers like earthquake damage may include additional premiums and specific terms.

Steps include reporting the incident promptly, securing the site, documenting the damage, and cooperating with the insurer’s investigation.

Legal and clerical charges can be covered if specified in the policy or through add-on covers.

The co-insurance clause requires the insured to bear a percentage of the loss, typically to encourage risk-sharing and loss prevention.

Fire Insurance covers only fire-related damages, while Contractor All Risk Insurance covers a broader range of risks including fire, theft, natural disasters, and third-party liabilities.

The indemnity period is determined based on the time needed to restore the project to its pre-loss condition.

Claims for future losses are generally not covered unless specified in the policy.

Increased cost of working can be covered if specified in the policy or through add-on covers.

Policy exclusions are conditions or events that are not covered under the insurance policy, such as war, nuclear risks, willful acts, and inherent defects.

The process involves notifying the insurer, submitting a claim form, providing evidence of loss, and cooperating with the insurer’s investigation.

Temporary repairs necessary to prevent further damage are typically covered, but the cost must be part of the final repair expenses.

Maintenance period coverage includes loss or damage caused by the contractor during maintenance visits as per the contract obligations.

Surrounding property is covered for loss or damage occurring due to the insured construction activities, provided it is specified in the policy.

Damages due to faulty design are generally excluded unless specified otherwise in the policy.

The insurance period can be extended if the construction work is not completed within the original period, subject to additional premium.

Losses during the construction period are covered if they are due to insured perils and within the terms and conditions of the policy.

Loss or damage to construction equipment is covered if specified in the policy, excluding losses due to mechanical or electrical breakdown.

Acts of God perils include natural disasters like earthquakes, floods, storms, and other major perils specified in the policy.

Third-party liability covers legal liabilities for accidental loss or damage to third-party property and injuries to third parties arising from construction activities.

The sum insured should represent the complete value of the construction works, including materials, labour, and associated costs.

Yes, the policy includes provisions for major perils such as earthquakes and floods, often requiring additional premiums and specific conditions.

Debris removal is typically covered for the cost of clearing and removing debris following an insured event, up to the specified limit in the policy.

Reinstatement of the sum insured after a loss may require payment of additional premiums to maintain full coverage for the remaining policy period.

Yes, the policy may specify conditions for the safe storage of materials and equipment to minimize the risk of theft or damage.

If multiple insurers cover the same risk, each insurer will pay its rateable proportion of any claim, as specified in the policy conditions.

Coverage for express freight and overtime charges can be included as an extension, subject to additional premiums and specific conditions.

The excess or deductible is the amount the insured must bear for each claim before the insurer pays the remaining amount.

Yes, special endorsements such as limited maintenance visits cover, extended maintenance cover, and additional customs duty cover can be added to the policy.

Losses due to theft or burglary are covered if they occur during the policy period and meet the policy conditions, including immediate notification to the police and insurer.

Sub-contractors can be covered under the policy if specified, and their work must comply with the policy terms and conditions.

Temporary works and structures are covered if they are necessary for the completion of the contract works and specified in the policy.

The policy excludes coverage for losses or damages resulting from the total or partial cessation of work.

Consequential losses, such as loss of profit or delay penalties, are generally excluded unless specifically included as an extension.

The insurer has the right to inspect and examine the risk at any reasonable time, and the insured must provide all necessary details and information.

Premium adjustments are made based on the actual values declared at the completion of the construction, considering freight, handling charges, and construction costs.

Professional fees for consultants and architects may be covered if included as an extension in the policy.

High-value projects may require additional coverage and specific conditions, including higher premiums and detailed risk assessments.

Damage to underground utilities is covered if the exact position was traced before work commenced and if the damage is due to an insured event.

Leaks are covered if they result from an insured event and within specified policy limits.

Loss or damage from abandoned shafts is excluded from coverage.

No, damage to crops, forests, and other cultivated areas during construction is excluded.

The insured must trace the exact position of underground cables before work starts. Indemnity is limited to repair costs only.