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HDFC Chubb Industrial Insurance |
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Contractors All Risk Insurance
A construction site can be a magnet for accidents, loss from theft or damage, legal claims and more. HDFC 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.
Scope of Cover:
The policy is 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.
Main Exclusions:
This policy does not cover:
• Loss or damage due to willful conduct.
• Cessation of work, whether total or partial, and delay.
• Damage due to faulty design.
• Rectification of defective material and/or workmanship, inventory losses, etc.
• Deductible as stipulated in the tariff.
Sum Insured:
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.
Premium:
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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