All types of civil engineering works, ranging from small buildings to massive dams are exposed to damage from a wide range of causes including, fire, lightning, flood, inundation, storms, cyclones, and other accidental damages. The Contractors All Risks policy is comprehensive insurance, which provides complete protection against all types of civil construction risks. This cover can be taken jointly by the owner / principal covering the interest of all other parties like the main contractor, subcontractor, financial institution, bank, etc.
The cover starts from the time of mobilization at the site up to the time of successful construction and maintenance thereafter.
The sum insured for the insurance should not be less than the full value of the contract on completion of the construction. Basically, insurance should be for the contract price. Principals often supply contractors with materials on 'free issue' to be built into the contract. These values should be declared separately and will be added as part of the contract.
What it covers:
Section 1 :
• material damage
• Principals existing property
• Removal of debris
• Construction plant, equipment, and machinery
• Riot and strike
Section 2 :
• Third-party liability for bodily injury and property
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