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Contractors All Risks Insurance -
Protect the financial interest of the Contractors against any type of loss/damage.
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Construction sites for buildings, bridges, dams, towers etc are very busy throughout the construction and maintenance period. While the Engineers, Foreman and site supervisors are trying their best to ensure safety in all respect, accidents minor or major do occur. If these sites are not adequately insured, the accidents would result in devastating losses to contractors or their Principals.
Contractor's All Risks Insurance which is in two sections provides coverage as follows :-
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Section 1 All Risks Covers
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This section provides coverage for losses to principals and contractors/sub-contractors over a material and contract works from a variety of risks such as:
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Accidental damage during construction
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Fire, Lightning |
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Water damage, flood, storm and tempest |
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Collapse, collision, impact, burglary, theft and malicious damage, aircraft |
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Breakdown or explosion to any part of the contract e.g. lifts in buildings etc. |
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Consequent Damages due to defects in material casting, workmanship and design |
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Riot, Strike, subsidence, landslide, cyclone, hurricane, earthquake, volcano.
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Section 2 Third Party Legal Liability
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This section of the policy, with agreed limits, provides indemnity to third party due to the Legal liability of the insured resulting from negligence of the insured or his employees/family members causing :
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Accidental bodily injury &/or death to third parties (Not members of the insured's family or their employees),
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Accidental damage to Property (excluding Property belonging to or in the custody or under the control of the Insured, his family members or his employees).
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In addition it also provides the Legal expenses for defending any proceedings with Insurer's consent.
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Maintenance period risks
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Once the contract covered under the CAR policy is completed the maintenance cover comes to effect automatically. During this period the cover is against any loss &/or damage that occurs in the course of the compliance with the maintenance obligation under the contract insured's/contractor's insured provided the cause of such loss or damage originated during the period of insurance.
The premium chargeable is always applied on the basis on the Total Contract Value for the period of the contract and on the value of the Construction Plant & Machinery being used at the site. The rates are very dependent to the nature of the project, site location experience of the Contractor and other relevant risks determinations. There is a Deductible and Conditions to the policy
Here you will be able to seek information and request quotation on line. |
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