The Contractor's All Risks policy is specially designed to cover engineering projects involving construction of buildings and other civil engineering works. The Contractor's All Risks insurance provides coverage against:
- Material damage to work under construction.
- Damage and loss to contractor's plant, machinery and equipment.
- Damage to Principal's existing property.
- Damage to third party property and/or bodily injury arising in connection with the contract work.
The policy provides coverage for the duration of the construction period and maintenance period.
Interest / Person Insured
Insured parties include:
- Main Contractor
Examples of construction projects insurable under a Contractor's All Risks policy are:
- Buildings (residential, industrial, halls, stadiums)
- Civil works (dams, power plants)
- Towers, chimneys, silos
- Roads, railway lines, airports
- Breakwaters, jetties, river control works
- Tunnels, bridges, and
- Other miscellaneous work
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