Contractors All Risk (CAR) policy is a comprehensive insurance solution designed to covers a broad spectrum of risks to which a civil construction project is exposed to from arrival of construction material at site till the completion of project. This policy is especially designed keeping in mind contractors, consulting engineers, architects and financiers and insurers against unforeseen accidents. Now, that means, construction all risk insurance policy coverage works for the security to the construction site for the purpose of the contract in conjunction with temporary work erected or constructed on-site. Contractors all risk insurance policy also provides extensive protection against damages or losses bring upon to the property from fire under a fire insurance policy which is also covered under construction all risk insurance policy in India.
Contractors All Risk
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A construction site is susceptible to all sorts of Accidents. Losses can mount from pilferage, theft, damage, legal claims and more. As a contractor we understand the need to ensure completion within the deadlines. A Contractor’s All Risk Insurance policy that covers the risks during construction, comprehensively. It includes 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.
What Is A Contractors All Risk
What does Contractors All Risk cover?
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What are different types of Contractors All Risk coverage?
Covers All Risks for Construction Projects: Contractors all risk insurance policy provides cover for all risk for under construction projects from such perils as fire, impact damage, explosion and collapse etc. For construction projects that have a as high Sum Insured as 100 crores, the policy could be enhanced to cover design defects. Contractors all risk insurance policy also covers any damage due to natural disasters such as storm, flood, earthquake, lightning etc.
Construction Site Protection: Contractors all risk policy has been designed to cover any damage to the under construction civil projects due to sudden or accidental causes. The all risk insurance policy also covers the damage to the material purchased for the project development at the site.
Advance Loss of Profits: An add-on cover for Construction All Risk insurance policy, Advance Loss of Profits (ALOP) can indemnify the loss of profits due to delay in start-up of the project in the event of a covered peril. Besides these, the loss of standing expenses and net profit of the project considered to fall under the Sum Insured for ALOP. But please note that a standard excess in terms of number of days is applicable before the construction all risk insurance claim is triggered.
Customized Cover: Customized cover, in accordance to your requirements is offered under contractors all risk insurance policy in India. For instance, construction equipment like shuttering and scaffolding materials can be covered under the construction all risk insurance policy if required. When you buy construction all risk insurance from GIBL, you can be sure of availing the utmost benefits that is on offer at a reasonable premium.
Availability of Add-on Covers: Contractors all risk insurance policy comes with a number of effective add-on covers that are connected to a claim under the main policy, for instance, owners’ surrounding property. Other add-ons for contractors risk insurance policy include Escalation in Sum Insured, Loss of Documents, Additional Custom Duty, Removal of Debris etc. Each add-on is priced separately; though at higher Sum Insured, a few contractors all risk insurance add-ons could be availed at nominal cost.
Third Party Liability Coverage: As previously stated, construction all risk insurance policies cover third party property damage that may arise due to an accident at site. Contractors all risk insurance policy also offers liability cover for fatal or non-fatal injury to persons excluding employees.
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Importance of Contractors All Risk
The construction business including the residential, civil and commercial projects forms the second largest industry in India in terms of work force employed and the one with most hazards second only to the mining industry. Construction sites carry high risks as workers need to work in conditions that need extra caution for safety. Also, the workers are regularly exposed to toxic materials, heavy equipment, and dangerous tools, etc.
Therefore, a construction company not only carries the business of construction but also responsibility of well being of those working for it. Hence for doing business like construction, all risk insurance, and other such tools are essential for securing the company. Construction insurance customized particularly for the industry is an important tool used to handle the risk associated with construction projects.
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