Construction all risk insurance policy is purchased by building contractors or developers for getting a shield against various losses or damages which may arise at their construction site. The policy also offers coverage for third-party liabilities which may arise during construction business. There are various clauses which are present in construction all risk insurance policy, […]
What Should You Know Before Buying Construction All Risk Insurance?
No matter how efficiently you run your construction or contracting business, there is no guarantee that unforeseen events like accidents or tragedies will not arise. For instance, if one of your construction workers gets injured on the work site, would your business have sufficient means to cover medical expenses? What would your business do if […]
Does the Construction All Risk Policy cover damage to surrounding structures?
Yes, the construction all risk insurance policy covers damage to surrounding structures as well. Loss or damages to property which are located on or adjacent to the construction site, belong or held in custody or control of the policyholder shall be covered if the loss/damage occurs directly due to those construction items which are insured […]
Five Ways to Reduce Construction All Risk Insurance Premium Rates
A construction site is susceptible to various types of risks, which can mount from accident, theft, damage, legal claims and much more. Therefore, it is indispensable to go with a construction all risk insurance policy to get complete coverage for unforeseen situations. Even most business contacts, as well as simple common sense, dictate that every […]
What does 72-hour clause signify in construction all-risk policy?
72-hour Clause in Construction All-risk Policy: There is an immense significance of 72-hour clause in construction all-risk policy. 72-hour clause signifies any losses or damages which occur during any period of 72 consecutive hours and which arises due to= Earthquake, subterranean fire, volcanic eruption, Earth movement or collapse Bushfire Wind, storm, hurricane, cyclone, typhoon, hail, rainwater, […]
How to calculate the premium in construction all risk policy?
Overview A Construction Risk Policy—also known as Contractor’s All Risk (CAR) Insurance—covers physical damage to a construction project during the build phase. Calculating the premium for such a policy depends on various factors related to project value, risk, and duration. 🧮 Key Factors Affecting Construction Risk Insurance Premium: Project Value: Total cost of construction (including […]
What Makes Construction All Risk an Imperative Part of a Construction Business?
Undeniably, many risks are associated with every construction project. Like, during the construction, process equipment can damage or fire engulfed some part of the project, or there may be theft of some construction items. Then there are many such issues which can arise during a project which was not even anticipated by the business. Further, […]
Risks You Should Consider While Running a Construction Business
The construction business is one of the most complex ones in the industrial sector due to the involvement of machines and equipment on a large scale. Their use increases the risks of accidents at the site. A construction project includes complex and time-consuming procedures with deadlines that can be tough to meet due to the […]
Ten Scenarios When Your Claim Gets Rejected Under the Contractors’ All Risk Policy
As a contractor, it is your prime responsibility to safeguard your capital investment against any losses or damages and ensure the completion of the work within the deadlines. To deal with unforeseen situations, there is a contractors’ all-risk insurance policy which covers risks that may arise during construction. It includes physical loss or damage to […]