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Contractors All Risk Insurance (CAR)

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This policy is specially designed to give financial protection to the Builders/Civil Engineering Contractors in the event of an accident to the civil engineering projects that are under construction.

  • What are the perils (Cause of Loss) covered
    • The policy comprises of 2 Sections:
    • Section I-Material Damage-covers physical loss, damage or destruction of the property insured by any cause, other than those specifically excluded in the policy.
    • Section II-Third Party Liability-covers the legal liability falling on the insured contractor as a result of bodily injury or property damage is belonging to a third party.
  • What perils can be covered by paying extra premium
    • The policy can be extended, through add-on's, to cover the following items:-
      • Construction equipment like scaffolding, shuttering materials
      • Maintenance visit / extended maintenance cover to cover accidental loss or damage whilst carrying out any rectification during maintenance period and / or any amount incurred for rectification of such original defects or faults during construction.
      • Clearance & removal of debris.
      • Construction Plant & machinery
      • Insured's own surrounding property
      • Third Part surrounding property
      • Escalation
      • Third party Liability including temprary lift liability
      • Express freight
      • Airfreight
      • Additional custom duty
      • SFTI
      • Earthquake
      • Terrorism Damage
  • What are the main Exclusions?
    • The main exclusions under Section I for which no claim is payable, are loss or damage due to:
      • Faulty design
      • Rectification of aesthetic defects of structure not relating to any physical loss or damage to the structure due to any accident, or of material defect or of workmanship defect.
      • The exclusion of defective material / workmanship is limited to the parts of the structure immediately affected and does not apply to any consequential loss to correctly executed items, arising out of the accident due to defective material or workmanship.
      • Loss or damage due to gradual deterioration, atmospheric condition, rusting etc.
      • Loss discovered only at the time of taking inventory.
      • Loss arising out of penalty for delay, non-fulfillment of terms of contract.
  • Basis of Sum Insured- Recommendations
    • Reinstatement value / New Replacement Value
  • Excess and other deductibles during claim
    • Will be furnished in the quote