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Contractor's All Risk Insurance Policy: Compare, Buy, Renew, & Claim

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Contractor's All Risk Insurance Policy: Compare, Buy, Renew, & Claim

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A contractor All Risk Insurance Policy is a type of insurance that provides full protection to contractors and construction professionals. It is important to compare policies before buying to guarantee you get the best coverage and benefits. Remember to renew your policy before it expires to avoid gaps in coverage. In case of unexpected damages, immediately file a claim with okbima and provide all necessary documents for a smooth claim process. Read More

What Is Contractor All Risk Insurance?

Contractor's All Risk Insurance is a type of insurance that helps contractors protect themselves from loss or damage during construction projects. It includes structures, machinery, and equipment.

It also provides protection if anyone is injured or property is damaged during construction. This insurance is helpful for engineers, architects, and financiers since it saves money and provides financial protection to everyone involved in the project.

Importance of Contractor All Risk Insurance In India

India is experiencing immense economic growth, which is raising a boom in infrastructure projects such as railways, industries, homes, dams, flyovers, and power plants. However, these projects carry a number of risks. Despite the hazards, it is important to continue working since economic growth is dependent on the development of public infrastructure. Damage to building supplies, construction machinery, or finished structures due to environmental or manmade hazards can result in significant losses for contractors.

To address these risks, it is important to have insurance coverage for materials, machinery, and the completed portion of the project either before or during the construction period itself. This insurance helps in reducing the hazards connected with construction activities.

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Feature & Benefits Of Contractor All Risk Insurance Policy

The contractor's All Risk Insurance provides comprehensive coverage and plenty of benefits to all parties involved in construction work. Some of the most important benefits include coverage for material damage and accidental death.

The Benefits of Contractor's All-Risk Insurance:

Material Benefit
The insurance policy provides coverage for material losses incurred during ongoing construction work, up to a certain limit based on the sum insured or the value assigned to each item.

Third-Party Liability
This insurance covers legal liability for damage, loss, or harm to third parties who are involved in the construction project. It also includes coverage for third-party property damage.

Risks Covered
The policy includes coverage for construction flaws, carelessness, human errors, earthquakes, shocks, fires, water damage, storms, floods, cyclones, and collapse.

Add-On Covers
At policy renewal, additional coverage can be gained by paying an extra premium. There are a number of available add-on covers, such as those for scaffolding and shuttering materials, damage to properties nearby caused by the building activity, fixing construction flaws, and coverage for maintenance visits.

The Contractor's All Risk Insurance guarantees full coverage and peace of mind during construction projects.

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Who Needs Contractor All-Risk Policy?

Contractor's All Risk Insurance is an important financial safety for all construction industry stakeholders, including contractors, financiers, subcontractors, and project engineers. Whether the project is commercial or domestic, this policy provides a safety net for everyone involved, protecting both the property and the individuals working on it. Contractor's All Risk Insurance is ideal for contractors managing several projects with multiple parties. It provides comprehensive financial coverage at all stages of the construction process, reducing risks and increasing project completion with confidence.

How to Choose The Right Contractor All Risk Insurance Plan

To choose the right contractor all risk insurance plan, read the points below:

  • Choose the right sum insured
    This insurance When getting a Constructors All Risks policy, make sure you select a sufficient amount insured to avoid consequences for underinsurance when making a claim.
  • Ensure sufficient coverage
    Before deciding on a Contractors All Risks policy, thoroughly read the terms and conditions to ensure you have proper protection. This is important in case unexpected situations arise and you need to make a claim.
  • Opt for an insurer with an easy claims process
    Regardless of the policy, it is important to select a Constructors All Risks coverage from an insurer with a simple claims settlement process, as claims are an important aspect of insurance.
  • Look for additional benefits
    In addition to the previously mentioned considerations, choose insurance policies that provide additional perks such as user-friendly mobile apps and 24-hour assistance.
  • Compare policies from different insurers
    Compare the plans offered by different insurers in the market to pick one that gives enough coverage.
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What is Covered in Contractors All Risks Insurance?

When you buy Contractors All Risks Insurance from Okbima, you get the following coverages:

  • Material Damage

    The insurance plan covers any damage to property during its term, except for specific exclusions, up to the specified amount. You will also be refunded for cleanup costs.

  • Third-party liability

    Okbima's policy protects you from legal liability for damage to other people's property or injury to anyone who is not an employee of your company.

  • Compensation

    The policy covers your legal costs that were paid for by the insured or incurred with our written consent.

  • Comprehensive coverage

    This policy provides major protection for projects, especially when civil construction activities account for more than half of the entire project value.

  • Add-on coverage

    By selecting add-ons, you can choose extra protection that will pay for costs not included in the basic insurance.

What is Not Covered

You should be aware that the Contractors All Risks insurance policy includes several exclusions that restrict coverage in certain circumstances. These exclusions consist of the following:

  • Damage caused by accidents including vehicles on roads, water, and air.

  • Loss or damage caused by the use of inadequate materials, poor craftsmanship, or building flaws.

  • Claims associated with carelessness or lack of proper maintenance.

  • Costs associated with routine maintenance, changes improvements, or enhancements to the building.

  • Damage resulting from poor design, terrorist attacks, war, or nuclear dangers.

  • Loss or damage to files, drawings, accounts, bills, contractual liabilities, and third-party liability.

  • losses attributed to defective design or those are only detected after inventory.

  • Losses that don't exceed the policy excess, as stated in the policy.

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How To Renew Contractor All Risk Insurance Policy In India?

Please follow the steps below to renew your Contractor's All Risk insurance policy

  • Step 1: Compile information- Go to your insurance company's official website.

  • Step 2: Enter your policy number to have access to your account.

  • Step 3: Review the policy insurance coverage and any additional options available.

  • Step 4: Add or remove any additional insurance coverage based on your needs.

  • Step 5: It is important to note that adding coverage will raise the insurance cost while reducing coverage would lower it.

  • Step 6: Once you've made the necessary modifications, proceed to make the payment using a debit/credit card, UPI, or net banking, as per your comfort.

  • Step 7: After the payment is made, the insurance company will send you the new policy document via email as a soft copy and the hard copy will be mailed to your address within a few days.

How to Raise a Claim Under Contractor’s All-Risk Insurance Policy?

Follow these steps to file a claim for the contractor's all-risk policy

Immediately inform the insurance company about the damage/loss by phone.

Following the phone notification, send a written notice to the insurer, detailing the extent of property damage.

If the loss or damage was caused by theft, call the police immediately.

The company will send an inspector to assess the damage, therefore keeping the damaged property/parts secure.

Complete the claim form with the necessary papers and submit it to the insurance company.

The claim form should include a written statement laying out the property's loss or damage.

For equipment claims, include a technical damage report.

Provide delivery receipts or purchase invoices.

if necessary, provide a police report.

Please attach repair or replacement cost estimates.

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