Neviim Insurance - We Care For you!!

Corporate Insurance

Customer care? +91 90031 79230

Get a free consultation?

What is Contractor’s All Risk Policy?

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.

Policy includes inbuilt covers for:

Protection for additions, changes, or extensions made during the project
Coverage for construction materials and stocks across multiple locations
Safety for materials temporarily moved away from the site
Expenses for clearing and removing debris after damage
Coverage for start-up, testing, and commissioning costs
Costs involved in dismantling, repairing, and restoring damaged property

What is covered by Contractor’s All Risk Policy?

Below are the detailed inclusions and exclusions of Contractor’s All Risk Policy

Inclusions

Location Risks:Fire, lightning, theft, burglary, and housebreaking.
Testing & Commissioning Risks:Equipment failure, electrical leakage, insulation failure, short circuit, explosion.
Act of God:Storms, floods, landslides, earthquakes, and other natural calamities.
Handling Risks:Damage from falling objects, collisions, crane or equipment failure.
Human Risks:Negligence, construction errors, strikes, riots, malicious damage, terrorism.
Testing Perils:Maximum value at risk, subject to underwriting approval.
Transit Risks:Loss or damage to materials and equipment during transit to and from the site.
Storage Risks:Damage to stored construction materials due to unforeseen insured events.

Exclusions

Public Authority Orders:Losses due to war or war-like events are excluded.
Wilful Negligence: Damage caused intentionally by the insured or representatives is not covered.
Policy Excess:Deductible applicable for each claim as per policy terms.
Wear & Tear:Normal wear, deterioration, rust, or obsolescence are excluded.
Contractual Penalties:Losses due to delay or breach of contract are not covered.
Nuclear Risks:Nuclear and related perils are excluded.
Work Stoppage:Losses arising from cessation of work are not covered.
Inventory Losses: Mislaid or missing property is not covered.
Indirect Loss: Consequential or indirect losses are excluded.

To Know More

Who needs Contractor’s All Risk Policy?

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.

Why you should Buy Contractor’s All Risk Policy?

One of the leading General Insurance Company with following strengths:

Comprehensive protection covering material damage and third-party liability during construction
Tailor-made coverage to suit different project sizes and construction stages
Faster and hassle-free claim settlement with expert support
Continuous coverage from project start to completion, including testing phase
Reduced financial risk from accidents, natural calamities, or human errors

Why do you need Contractor’s All Risk Policy?

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.

Sauna bath

Saunas improve your health and wellness.

A design-led approach guides the team, implementing practices, products and services that are thoughtful and environmentally sound. family of professionals that creates intelligent designs that help the face of hospitality.

Explore more

Insurance consulting

Contractor’s All Risk Policy