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The policy provides coverage to contractors in construction and engineering projects, against a wide variety of financial risks, including but not limited to damage to equipment.
About the Policy
The policy provides coverage to contractors in construction and engineering projects, against a wide variety of financial risks, including but not limited to damage to equipment, liability arising out of the project and more.
Important details
Features
Protects your financial investment in your construction projects either individually or jointly as a principal, contractor or subcontractor. either individually or jointly. Cover damages to your construction projects arising from all unforeseen circumstances except those specifically excluded.
Exclusions
War and nuclear group of perils.
Willful act/ negligence.
Inventory losses.
Normal wear and tear, gradual deterioration, rust, aesthetic defects, scratching of painted or polished surface and breakage of glass.
Loss or damage due to faulty design, defective material or casting and bad workmanship (limited to items immediately affected).
Cost of rectification or correction of any error during erection not resulting in physical loss or damage.
Damage to files, drawings, accounts, bills and currency.
Consequential losses.
Cessation of work (both )partial or total
Policy excess is the first amount of any claim that you have to bear.
