Contractor's All Risks Insurance Policy
The
policy covers civil construction projects, such as the residential /
commercial buildings, theatres, factory sheds, warehouses, roads,
bridges, dams, reservoirs, tunnels, oil / gas pipelines, water /
sewerage disposal works, etc.
The Policy covers
- Fire and Allied Perils
- Flood, Storm, Tempest, Cyclone
- Earthquake, Fire & Shock
- Collapse
- Water damage for Wet Risks
The
sum insured shall include landed costs at site of imported / indigenous
materials, construction costs (including visits of specialists /
experts, supervision charges). It is the completely erected value of
property inclusive of freights, custom duty, erection cost adjusted to
fluctuations in wages / prices
The Policy does not cover
- War & Nuclear Risks
- Willful Act / Negligence
- Partial / Total cessation of Work
- Normal wear and tear
- Gradual deterioration due to atmospheric conditions
- Loss or damage due to faulty design
- Contractual liabilities Cost of replacement / repair or rectification of defective material and / or workmanship.
You can opt for the following extensions-
- Breakage of Glass
- Storage Risks at Fabricators premises / workshop
- Sites located in EQ Zones I & II
- Clearance & Removal of Debris
- Third Party Liability, Surrounding Property
- Escalation
- Express Freight, Holiday & Overtime rate for wages
- Air Freight, Additional Custom Duty
- Construction, Plant & Machinery
- Maintenance Visits and extended Maintenance cover.
The
policy is subject to Contractors' All Risk Insurance Tariff and the
Premium Rate is based on the type of project, nature of the
construction period of project, EQ Zone and voluntary excess |
