Property and Misc Insurance

Contractors All Risk

A construction site is susceptible to all sorts of Accidents. Losses can mount from pilferage, theft, damage, legal claims and more.

As a contractor we understand the need to ensure completion within the deadlines. To this end HDFC ERGO has the Contractor’s All Risk Insurance policy that covers the risks during construction, comprehensively. It includes physical loss or damage to property, plant, machinery and tools, works brought on to the site and temporary works erected on-site, as well as third party Liability related to work conducted on the site.

  • The policy is designed to cover civil engineering projects such as buildings, roads, airports, flyovers, water tanks, sewage treatment plants, etc.
  • Unless specifically excluded, this “all risk” insurance covers Accidental physical loss or damage to contract works during the execution of a civil engineering project. Coverage begins from the commencement of work or after unloading of the first consignment at the project site, whichever is earlier, and terminates on handing over of the works to the principal or on expiry of the policy, whichever is earlier.
  • Coverage can be extended to include the interest of suppliers / manufacturers, contractors and Subcontractors.
  • Earthquake
  • Act of terrorism
  • Escalation
  • Limited maintenance cover
  • Extended maintenance cover
  • Clearance and removal of debris
  • Damage to owner’s surrounding property
  • Third party Liability
  • Cross Liability
  • Express freight, holiday and overtime rates of wages
  • Contractor’s plant and machinery
  • Inland Transit
  • Innocent Non Disclosure/Breach of Policy Conditions
  • Serial losses
  • Vibration, removal or weakening of support
  • Loss or damage due to strike, riot and civil commotion (SRCC)
  • Drilling work for water wells
  • Suspension of Testing
  • Fire Fighting
  • Automatic Increase Clause
  • Test Run Definition for Gas Turbine
  • Test Run Definition for Steam Turbine
  • Declaration Clause
  • Marine off Shore works
  • Coffer Dams
  • This depends on the type of project, Sum Insured and duration of the project, and the voluntary excess opted for by the Insured. The premium can be paid in installments, when the policy period is more than 12 months.
  • This depends on the type of project, Sum Insured and duration of the project, and the voluntary excess opted by the Insured. The premium can be paid in installments, when the policy period is more than 12 months.
  • The policy is subject to a compulsory excess and Excesses under the policy depend on the type of construction work to be carried out.

The policy does not cover:

  • Loss or damage due to willful misconduct
  • Cessation of work, whether total or partial, and delay
  • Damage due to faulty design
  • Rectification of defective material and/or workmanship, inventory losses, etc.
  • Deductible as stipulated in the tariff
 
arrow