Property Insurance

Contractors All Risk Insurance Policy

Contractors All risk Insurance policy

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.

Scope of cover

RESIDENTIAL

  • Houses/Apartments/Township, Cottages/Guest Houses

COMMERCIAL

    Office Buildings, Multiplexes/Theaters, Hotels/Shopping centers/Malls, Sports Complexes

INSTITUTIONAL

  • Educational Institutes, Hospitals/Health care facilities, Research Institutes, Religious Buildings

BASIC COVERS

  • Fire/Explosion/Impact Damage/Collapse.
  • Storm/Tempest/Flood Inundation/Subsidence and Landslide.
  • Riot/Strike/Malicious Damage/Burglary/Theft.
  • Electrical/Mechanical Breakdown

ADD ON COVERS

  • Owners' Surrounding Property
  • Removal of Debris
  • Earthquake/Terrorism
    • Escalation
  • Design Defect Cover
  • Breakage of Glass
  • Additional Customs Duty
  • Air-Freight
  • Express freight, Overtime charges, Holiday wages etc.
  • Contractors' Plant & Machinery (upto 5% of CAR SI or Rs 25 lakhs whichever is lower)
  • Third Party Liability
  • Free Issue of Materials issued by Principal.
  • Construction equipment like scaffolding, shuttering materials
  • Maintenance Visit or Extended Maintenance
  • Cover for insured contract works taken over or put into service.

Please Note:

  • Extension Rates available on per month basis.
  • Installment Facility available for projects with period more than 12 months.
  • Premium Refund Benefit for:
    • Abandonment
    • Double Insurance
    • Early Completion of Project.
    • Option to avail of policy even after the commencement of the project.

SIGNIFICANT EXCLUSIONS

  • Cessation of work whether total or partial.
  • Defective Material and/or Workmanship.
  • Wear and Tear.
  • Inventory Losses
  • Faulty Design
  • War and Related Perils
  • Nuclear reaction, Nuclear radiation or radio active contamination.
  • Willful act or willful Negligence of the Insured.
  • Consequential Losses