A Guide to Contractor All Risk Insurance
Contractor All Risk Insurance is a comprehensive policy designed to protect contractors and their operations from physical loss or damage during construction projects. This insurance covers a wide range of risks related to contract works, machinery, equipment, and potential liabilities. It ensures that contractors can complete their projects without significant financial setbacks, safeguarding both the project itself and the business from unforeseen events.
Key Features of Contractor All Risk Insurance
Contract Works Coverage
Protects the insured from any damage to the property under construction. This includes protection against natural disasters, fire, or theft, ensuring the project's progress continues.
Machinery and Equipment Coverage
Provides coverage for damage or loss of machinery and equipment used in the construction project, including protection from operational risks, fire, and natural disasters.
Third-Party Liability Coverage
Covers claims arising from third-party bodily injury or property damage due to construction activities, protecting the insured from costly legal liabilities.
Business Interruption Coverage
Offers financial compensation for delays or interruptions in construction due to unforeseen events, helping businesses manage operational costs and delays.
Additional Costs Coverage
Covers extra expenses such as expediting costs, architects' or engineers' fees, incurred due to insured risks affecting the progress of the construction project.
Professional Fees Coverage
Reimburses fees paid to architects, engineers, and consultants involved in the construction project when their services are impacted by covered losses.
Notion Insurance Broker Pvt. Ltd. delivers customized insurance solutions designed to meet the diverse needs of businesses and individuals.