Contractors All Risk (CAR)

CONTRACTOR'S ALL RISKS INSURANCE
If you are a civil contractor, you have many things to take care of.
Our Contractors All Risks Insurance can provide some relief. It offers comprehensive coverage for all types of civil construction risks.
The coverage for physical loss or damage to a property is on an all-risk basis which means the policy insures against damage to the property in the course of construction by all kinds of sudden and unforeseen causes other than specifically-excluded perils subject to the terms and conditions of the policy

What's Covered
1.This policy can be bought by principal, contractor or sub-contractor, either individually or jointly.
2.This policy provides cover for civil construction such as residential buildings, commercial buildings, factory sheds, warehouses, pipelines, dams and reservoirs.
3.It policy also covers the risk of accidental physical loss or damage with respect to contract works during the execution of a civil project.
4.The cover comes into effect with the commencement of work or after the items entered in the schedule of the policy have been unloaded at the site, whichever is earlier.
5.The cover shall expire on the date specified in the policy.
6.However, our liability expires for parts of the insureds contract, works taken over or put into service by the principal, prior to the expiry date specified in the policy, whichever is earlier.

What's Not Covered
1.War and nuclear group of perils.
2.Wilful act/negligence.
3.Loss discovered at the time of taking inventory.
4.Normal wear and tear; rust and gradual deterioration due to atmospheric conditions or otherwise.
5.Partial/total cessation of work.
6.Loss or damage due to faulty design.
7.Damage to files, drawings, accounts and bills Penalties for non-fulfilment of contractual obligations.
8.Consequential losses.
9.The cost of replacement, repair or rectification of defective material and/or workmanship.

Extensions
Our product comes with the following extensions
There is also a provision for extending the policy period during the currency of the policy.
Air freight
Express freight, holiday and overtime rates of wages.
Additional customs duty.
Contractor's plant & machinery up to specified limits.
Storage risk at fabricator's premises.
Clearance and removal of debris.
Third party liability
Cross liability.
Surrounding property.
Escalation.