Contractor’s All-Risk Insurance Policy - CoverMitra Insurance Broking Pvt Ltd

What is Contractor’s All-Risk Insurance Policy?

Contractor’s All-Risk Insurance is a policy that provides broad coverage for construction projects. It protects against damage to equipment, machinery, and property, as well as claims for injuries or damage caused to others during the project.

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What are the Benefits of Contractor's All-Risk Insurance policy?

Construction Works

Coverage for physical loss, damage, or destruction to the construction works, including buildings, structures, and materials, caused by perils such as fire, natural disasters, theft, vandalism, and accidental damage.

Third-Party Liability

Protection against claims for bodily injury or property damage caused to third parties (e.g., pedestrians, neighboring properties) during the construction project. This coverage includes legal defense costs and potential settlements or judgments.

Plant and Equipment

Coverage for loss or damage to the construction plant, machinery, tools, and equipment used in the project, whether owned, leased, or hired.

Construction Site Materials

Coverage for loss or damage to construction materials and supplies on-site or in transit to the site.

Delay in Start-Up (DSU)

Compensation for financial losses incurred due to project delays caused by covered perils, including additional expenses, loss of income, and extended project overhead costs.

Professional Fees

Reimbursement of professional fees, such as architects, engineers, and surveyors, incurred to rectify design or construction errors that result in loss or damage to the project.

Advanced Loss of Profits (ALOP)

Compensation for financial losses resulting from the inability to commence or complete a subsequent project due to covered perils affecting the current project.

What is not covered under Contractor's All-Risk Insurance?

1. Pre-existing conditions or defects.

2. Normal wear and tear.

3. Employee injuries and worker’s compensation.

4. Professional negligence.

5. Acts of war or terrorism.

6. Delay-related losses.

Note: Remember that the specific coverage details may vary depending on the insurance provider. It’s advisable to review the policy documents for precise information about coverage.

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CoverMitra Insurance Broking Pvt. Ltd. is an IRDAI-authorized insurance broking firm that aims to simplify insurance for its customers to make Smart Choices.

IRDAI License No. 600 Valid till: 01/06/2026

Incorporation date 10/10/2016

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What’s Covered in Fire Insurance?

Loss or damage caused by fire
Loss or damage due to natural heating, fermentation, or spontaneous combustion
Losses or damages resulting from implosion or explosion are covered under fire insurance. This includes damages caused by internal pressure, bursting of boilers, gas explosions, etc.
Fire insurance typically covers losses or damages caused by natural calamities such as earthquakes, volcanic eruptions, storms, cyclones, typhoons, hurricanes, etc.
Fire insurance may also provide coverage for losses or damages caused by malicious acts, including arson, riots, strikes, or civil commotions.
Terrorism (subject to policy clauses): Some fire insurance policies may include coverage against losses or damages caused by acts of terrorism, subject to the specific terms and conditions mentioned in the policy.
Bursting and overflowing of water tanks, pipes, and apparatus (under building insurance): Fire insurance policies that include building insurance coverage may cover losses or damages resulting from bursting or overflowing of water tanks, pipes, or apparatus within the insured premises.
It is recommended to review the policy documents or consult with the insurance company to fully understand the coverage provided by a fire insurance policy.

What is Not Covered Under Fire Insurance?

1. Arson: Intentional fire-setting or fraudulent activity.
2. Vacant or unoccupied property: Extended periods of vacancy.
3. Acts of war and terrorism: Damage caused by war or terrorism.
4. Nuclear incidents: Damage from nuclear reactions or radiation.
5. Wear and tear or lack of maintenance: Gradual deterioration or neglect.
6. Consequential losses: Indirect or business interruption losses.
7. Illegal activities: Fire damage resulting from illegal acts.
8. Specific property types: Certain high-risk properties or violations.

Remember to refer to your policy documents for precise details

What is Not Covered Under Fire Insurance?

Remember to refer to your policy documents for precise details