Construction All Risk
What is Construction All Risk?
The Construction All Risk Insurance policy provides coverage for any loss or damage to a worker or machine that occurs on the job site. This approach aids in the reduction of overall building costs. It affords the parties concerned enough financial protection.
Who should purchase this policy?
This policy is suitable for anyone who falls under any of the given categories –
- Owner of the property
- Contractor
- Financial institution financing the project
Benefits/Coverages of the Policy
- Third-Party Liability–Any accidental damage or injury to a third person or third person’s property
- Natural Disasters – Earthquake, Floods, Storms, etc.
- Fire & allied Perils
- Burglary & Theft
Ad-Ons
- Additional Custom Duty
- Terrorism
- Strikes & Riots
- Air freight
Exclusions of the Policy
- Intentional or wilful negligence
- Normal wear–tear
- War & Nuclear Risks
- Defective Material
- Damage due to improper designing
- Inventory Losses