Buy Construction All Risk Insurance

Starting @ just Rs110/month*
  • Predominantly Civil risks which may include machines and equipment installations Get mandatory protection for principals and owners
  • Get mandatory protection for principals and owners
  • Affordable coverage options with expert claim assistance
  • Various add on covers like TPL, Other Surrounding Property, Off site/On site storage, Temporary constructions, Maintenance Visit and Extended Maintenance Cover, Removal of debris Etc.
  • Competitive Discounts and Free add on covers large risks depending on ICR and Sum Insured
  • Customized plansAffordable prices
  • 24*7 SupportDedicated claims manager
  • Total CareAll round wellness benefits
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What is Construction All Risk Insurance?

Construction work has many risks that can cause big money loss and stop the project. Contractors all Risks Insurance helps protect against damage or loss to building materials, equipment, machines, and temporary things like roads, offices, or sheds at the project site until the work is finished. It also covers damage or injury to other people because of the work done at the site. This insurance is for projects like building houses, roads, dams, bridges, flyovers, and tanks.

Importance of Construction All Risk Insurance

Building a house has many risks at every step, like accidents, theft, or natural disasters. Construction All Risk (CAR) insurance helps protect homeowners from these problems. It acts like a safety shield to protect the money spent on building the house and helps fix any damage that happens during construction.

Benefits of Construction All Risk Insurance

Building projects have many risks. Contractors, All Risk Insurance helps protect against these risks and gives peace of mind. Here's why it is helpful:

  • Project-Specific Risk Coverage01

    Project-Specific Risk Coverage

    Contractors all risk insurance covers risks that are common in building projects. Since construction involves special dangers like damage to materials or tools, this insurance is designed specifically to protect against those. It helps contractors stay safe from problems that often happen during construction work.

  • Protection from Start to Finish02

    Protection from Start to Finish

    This contractor all risk policy protects materials and equipment from the time they are stored, even before construction begins, all the way until the building is finished and handed over to the owner. This means that every stage of the project is covered, so nothing is left unprotected during the entire process.

  • Helps Meet Contract Requirements03

    Helps Meet Contract Requirements

    Many contracts require contractors to have insurance as proof of responsibility. This policy helps contractors follow these contract rules and shows that they manage risks properly. It also helps avoid disagreements or issues with project owners or clients.

  • Financial Risk Transfer04

    Financial Risk Transfer

    When something unexpected happens, the insurance company pays for the damage or loss instead of the contractor. This protects the contractor's money and property from big losses, so they do not have to bear the full cost alone. It gives financial safety against accidents or damages.

  • Supports Repair and Continuity05

    Supports Repair and Continuity

    If tools, materials, or parts of the project get damaged, the insurance helps pay for repairs or replacements. It also supports contractors if there are delays caused by such damages. This way, the construction work can continue smoothly without money worries.

  • Builds Professional Reputation06

    Builds Professional Reputation

    Having this insurance improves the contractor's reputation because it shows they are responsible and trustworthy. Clients and partners feel more confident working with contractors who have insurance. This can help contractors get more projects and build a strong, reliable name in the industry.

Who Should Buy Construction All Risk Insurance

This insurance is useful for anyone working on a construction project. It is helpful for:

  • 1 Contractors who are building the project
  • 2 Builders who do the actual work
  • 3 Banks or companies giving money for the project
  • 4 Construction companies managing the project
  • 5 People or companies who own the project
  • 6 Subcontractors or any firm helping with the work

Everyone involved in the project can benefit from this insurance to stay protected from risks.

Who Should Buy Construction All Risk Insurance

Inclusions and Exclusions of Construction All Risk Insurance

What is Covered?

  • Damage to Materials and Property

    This insurance pays for repair or replacement if things like machines, buildings, tools, or materials get damaged. The damage must happen because of reasons listed in the policy, like fire or accident.

  • Damage to Others (Third-Party Liabilities)

    This part of the insurance covers problems caused to other people or their property during construction. It includes:Damage to someone else's thingsLegal trouble if goods or machines are lost on the siteInjury or death of someone (not your own worker) because of the construction

  • What Kind of Risks Are Included?

    Place-Based Risks : If there is fire, lightning, or theft at the site.Handling Risks : If something breaks because of falling, crashing, or a machine mistake (like a crane dropping something).Testing Risks : If damage happens during testing of electricity, machines, or safety tools.Human Mistake Risks : If damage is caused by human errors, bad behavior, terrorism, or riots.Natural Disaster Risks : If there is damage from floods, earthquakes, storms, or other natural disasters.

What is Not Covered?

  • The Contractors' All Risk insurance does not pay for some types of loss or damage. Here are some things it does not cover under this type of policy:Damage done on purpose by the insured person or their helpersDamage caused by nuclear attacks or related dangersLosses because work stopped for some reasonNormal wear and tear or old machines getting worn outFines or penalties for breaking contract rulesIf the claim amount is more than the limit set in the policyDamage caused by war or similar fightingDamage caused by bad design in machinesLosses are found only when counting stock or inventory

Extra Covers in Construction All Risk Insurance

People who buy this insurance can add extra protection by choosing add-ons from the insurance company. These extra covers include:

  • 1

    Protection for firefighting activities

  • 2

    Loss or missing items from inventory

  • 3

    Cover for drilling water wells

  • 4

    Fixing original mistakes or problems made during construction

  • 5

    Damage or loss that happens while fixing things during maintenance

  • 6

    Protection against damage caused by terrorism

  • 7

    Cover for work done offshore in the sea

  • 8

    Damage to nearby buildings or property caused by the contractor's work

  • 9

    Paying to clear and remove debris from the site

  • 10

    Protection for construction tools and equipment like scaffolding and shuttering materials

  • 11

    Cover for maintenance work and visits during the maintenance period

  • 12

    Extending the time for maintenance cover

Why Choose Square Insurance for Contractors All Risks Insurance

  • 1

    Get Your Policy Fast

    You can buy insurance on our website and get your policy paper in just a few minutes.

  • 2

    Help With Claims All Year

    You can get help with your insurance claims any day, all year long.

  • 3

    Easy Claim Process

    We make claiming your insurance simple and quick, so you don't have to worry.

  • 4

    Expert Help

    Our team gives advice that fits your specific business needs.

  • 5

    Good Prices

    We work with many insurance companies to give you the best prices and good service.

  • 6

    Flexible Plans

    We offer different insurance plans to suit your business and budget.

  • 7

    Trusted by Many

    Many contractors trust us for their insurance needs because we care about their business.

Easy Ways to File a Life Insurance Claim

FAQs

It is a type of insurance that protects buildings under construction. It covers damage to the building and also accidents or injuries that happen on the site.

  • Financial Risk Problems with money or budget.
  • Safety Risk Accidents or injuries on the site.
  • Legal Risk Breaking laws or contract problems.
  • Environmental Risk Damage to nature or the environment.

The biggest risk is usually safety - accidents that hurt workers or damage property.

  • Residential Homes, apartments.
  • Commercial Offices, shops.
  • Industrial Factories, warehouses.
  • Infrastructure Roads, bridges, airports.

Risk is calculated by checking:How likely a problem is x How bad the problem could be = Risk level

It is anything that can go wrong on a construction project, like delays, accidents, money problems, or bad weather.