A construction
site can be a magnet for accidents, loss from theft or damage, legal claims
and more. HDFC ERGO General Insurance Company's Contractors All Risk Insurance
covers all types of risks during construction. It includes physical loss or
damage to property, plant, machinery and tools, works brought on to the site
and temporary works erected on-site, as well as third party liability
related to work conducted on the site.
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designed to cover civil engineering projects such as buildings, roads,
airports, flyovers, water tanks, sewage treatment plants, etc. Unless
specifically excluded, this "all risk" insurance covers
accidental physical loss or damage to contract works during the execution
of a civil engineering project. Coverage begins from the commencement of
work or after unloading of the first consignment at the project site,
whichever is earlier, and terminates on handing over the works to the
principal or on expiry of the policy, whichever is earlier. Coverage can
be extended to include the interest of suppliers/manufacturers,
contractors and subcontractors. |
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This policy does not cover: |
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Loss or damage
due to willful conduct. |
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Cessation of
work, whether total or partial, and delay. |
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Damage due to
faulty design. |
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Rectification
of defective material and/or workmanship, inventory losses, etc. |
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Deductible as
stipulated in the tariff. |
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The Sum Insured shall be the fully completed value of the contract works,
inclusive of all materials, wages, freights and customs duty, and materials or
items supplied by the principal. |
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This depends on the type of project, Sum Insured and duration of the project,
and the voluntary excess opted for by the Insured. The premium can be paid in
installments, when the policy period is more than 12 months. |
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The policy has the following types of excess:
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Excess due to
normal perils. |
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Excess for
collapse as well as Act of God perils like earthquake, flood, storm, etc. |
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Excess due for
terrorist act, if terrorism cover is opted for |
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Excesses under the policy depend upon the type of construction work carried
out. |
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The policy can be extended on payment of an additional
premium to cover:
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Earthquake. |
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Act of
Terrorism. |
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Escalation. |
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Limited
maintenance cover. |
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Extended
maintenance cover.. |
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Clearance and
removal of debris. |
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Damage to
owner's surrounding property. |
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Third party
liability. |
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Cross
liability. |
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Express
freight, holiday and overtime rates of wages. |
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Contractor's
plant and machinery. |
Overview
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