Construction All Risk Insurance | Low Cost
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What is Construction All Risk Insurance?

A construction site is vulnerable to various kinds of damages and losses. Any loss can accumulate from the pilferage, theft, legal claims and many others. As a contractor, it turns out to be an essential requirement for you to meet the terms with the deadlines, however, any risks can arise to interrupt the smooth functioning of the total construction process. This is where construction all risk insurance policy which is also known as contractors all risk insurance policy comes into a major role play.

Construction all risk insurance policy provides comprehensive protection by covering risks which may arise on the process of construction. It comprises of physical damage or loss that may come about to the property, machinery and plant, provisional work erected on-site along with the third-party legal liability related to the work going on the site.

Now, that means, construction all risk insurance policy coverage works for the security to the construction site for the purpose of the contract in conjunction with temporary work erected or constructed on-site. Contractors all risk insurance policy also provides extensive protection against damages or losses bring upon to the property from fire under a fire insurance policy which is also covered under construction all risk insurance policy in India.

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Construction All Risk Insurance Policy Coverage

The purpose of construction all risk insurance policy is to provide financial protection to the civil engineering contracts in case of an unfortunate accident. A contractor all risk insurance is basically a comprehensive insurance policy designed to cover a variety of civil engineering projects such as buildings, sewage treatment plans, water tanks, airports, flyovers etc. Unless it is particularly excluded in the insurance document, construction all risk insurance policy also covers damages or losses to contract workers while executing a civil engineering work. Find out the coverage under construction all risk insurance policy in India.

In general, the coverage of construction all risk insurance plans are offered in the following two sectors:

Material Damage Coverage: It covers the destruction or damages or losses of the property.

Third-Party Liability Coverage: It covers the legal liability being imposed upon the insured contractor caused from losses or damages suffered by a third-party.