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All Risk Coverage for construction Projects
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During the course of execution of project relating to construction of building and civil engineering works, certain unforeseen accidents could occur resulting in considerable financial loss to the contract works, construction / or the principals arising from damage to the contract works, construction of plant and machinery as well as Third Party Claims. The Contractors All Risks (CAR) Insurance has been designed to protect the interests of the Contractors /Principal against such losses.
Although Contractors All Risk policy may be taken by the Principal or by the contractor, but usually, under the terms of the agreement between the contractor and the principal, it is obligatory on the part of the contractor to effect a CAR insurance in their joint names before the commencement of the project.
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Contractors All Risk is a comprehensive insurance cover to the client for any contingency from the moment the material is unloaded at the site of the project and continues during storage, physical construction/erection and till the test run is over and during maintenance, if covered.
Below are the detailed inclusions and exclusions of Contractor’s All Risk Policy
The insurance cover is subject a few exclusion listed in the policy which are applied internationally and are common to the insurance industry.
It’s an All Risk Policy.The Policy indemnifies the Insured in the event of unforeseen and sudden physical loss or physical damage to the Property Insured arising:
Contractor’s All Risk Policy is basically for insuring projects which have more than 50% civil works
To insure all types of civil works ranging from small buildings to massive dams/structures are susceptible to damage by fire, water, storm, impact, landslide and the like and exposure to such damage commences right from the first delivery of materials at the contract site and site and continues during the entire period of contract
After a fire, flood, burglary, earthquake or other such event, there is obvious destruction, loss or damage to buildings, plant and stock. This physical loss or damage is known as Material Damage
Risk is evaluated on the basis of nature of work and exposure of natural hazard to the risk location
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Theft is covered under the policy
You can buy, Contractors Plant & Machinery for the plants and equipment involved in the construction
Marine Insurance for the transit of construction material
Workmen's Compensation for your workers
To insure all types of civil works ranging from small buildings to massive dams/ structures are susceptible to damage by fire, water, storm, impact, landslide and the like and exposure to such damage commences right from the first delivery of materials at the contract site and site and continues during the entire period of contract
The policy has a maximum period of 84 months inclusive of Extended Maintenance Period.
This insurance may be terminated at the request of the Insured at any time, in which case, the Insurers will refund appropriate premium amount subject to the following conditions:
Policy can be taken for a minimum period of 3 months
Damage/Accident can be notified through any one of the below touch points.
Documentation is not required for claim intimation. You have to submit only the policy number
Product Name: Contractors all risks insurance (Retail) UIN No. For Retail: IRDAN115RP0021V01200708 Product Code: 5004
Product Name: Contractors all risks insurance (Commercial) UIN No. For Commercial: IRDAN115CP0050V01201920 Product Code: 5004
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70% of SMEs in India face at least one business-related risk in the last three years*. Protect your business with expert advice from our trusted team.
You will be contacted by our Relationship manager shortly with a customised quotation. To connect further for any queries, you can write to businessinsurance@icicilombard.com or call us on 1800 2666.