Contractors All Risk
The contractor all risks Insurance provides the necessary financial protection to the owners and/or contractors of a construction project of any type against a sudden unexpected loss or damage during execution or maintenance.
This policy compensates the financial losses incurred by the Insured as a result of the loss or material physical damage to the insured project and compensates to the Third Party its claims (injury or damages to its property) up to the limit specified in the policy.
This is an “All Risk” policy covering various activities of construction (except specific exclusions as mentioned in the policy).
This policy can be taken out in the joint names of the contractor and the employer. This policy enables the Contractor or Employer to comply with the insurance requirements of the contract.
Cover can be extended to include constructional plant as part of the Contractor All Risks cover.
- 1. Existing and surrounding properties of the Owner or Contractor
- 2. Temporary Facilities
- 3. Contractor Equipments and Machinery
- 4. Removal of Debris.