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Inflated and fraudulent claims. Don’t inflate your claims. Most policies carry a forfeiture clause, so if you are caught out, you may have to forfeit all benefits under the policy – in other words, the insurer is entitled to repudiate the entire claim,

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Contractors All Risks insurance policy specifically designed for builders and a variety of contractors working at a contract site. Contractors All Risks insurance can comprise cover for public liability, own plant, contract works, hired-in plant and employee's tools. The key part of the contractors all risks insurance is the contract works section that offers cover for the value of the materials and property being used on a project.

The policy comprises of 2 Sections :
Section I-

Material Damage-covering physical loss, damage or destruction of the property insured by any cause, other than those specifically excluded in the policy.
Section II-

Third Party Liability-covering the legal liability falling on the insured contractor as a result of bodily injury or property damage belonging to a third party.

The main exclusions under Section I for which no claim is payable, are loss or damage due to:

  • faulty design
  • rectification of aesthetic defects of structure not relating to any physical loss or damage to the structure due to any accident, or of material defect or of workmanship defect.
  • The exclusion of defective material / workmanship is limited to the parts of the structure immediately affected and does not apply to any consequential loss to correctly executed items, arising out of the accident due to defective material or workmanship.
  • loss or damage due to gradual deterioration, atmospheric condition, rusting etc.
  • loss discovered only at the time of taking inventory.
  • loss arising out of penalty for delay, non-fulfillment of terms of contract.


ADDON COVERS
The policy can be extended to cover the following items :-

  • Clearing and removal of debris
  • Damage to surrounding property not forming part of the contract work.
  • Maintenance visit / extended maintenance cover to cover accidental loss or damage whilst carrying out any rectification during maintenance period and / or any amount incurred for rectification of such original defects or faults during construction.
  • Earthquake
  • Third party liability
  • Terrorism
  • Exalation

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CONTRACTOR ALL RISK

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