Contractors' All Risk Insurance covers all risks normally associated with a construction project. The policy will provide cover against sudden and unexpected physical loss or damage to the insured property. This policy covers accidents and natural perils both while building materials are in storage and actively being used in construction, unless specifically excluded.
The policy cover begins with the start of the project, from the time the first material consignment is unloaded at the project site and ends when the project is finished or handed over to the purchaser or owner.
The policy cover can be extended to cover the following risks, upon paying an additional premium
- Clearance and removal of debris
- Damage to the owner’s surrounding property
- Third party liability
- Additional customs duty
- Express freight
- Holiday and overtime rates and wages
This is not an exhaustive list. For a detailed list of inclusions & other details, please refer to the policy wordings.