Contractor’s All Risks Insurance
Protection for construction projects against accidental loss, damage, and third-party liability exposures.
Product Overview
This is an umbrella policy which caters to the entire gamut of insurance requirements of large corporations and provides a much wider cover than the corporate plus policy.
Material Damage includes all loss or damage to the property insured occurring during the period of insurance by an event not excluded specifically under the policy.
Coverage Levels
Main cover
The cover is for Fire and Allied Perils including building, plant and machinery, stock in trade and furniture, fixtures and fittings, as well as Business Interruption involving loss of gross profits.
Other sections with sub-limits
Additional sections may include Fire Insurance, Machinery Breakdown, Accidental Damage, Electronic Equipments, Money, Goods in Transit, Burglary, Fidelity Guarantee, Business All Risks, Claims Preparation Cost, and Business Interruption.
Material damage basis
All insured property is protected against loss or damage occurring during the period of insurance by events not specifically excluded under the policy.
Benefits
Sum Insured
The limits specified in the schedule are the maximum limits applicable under the policy and apply individually per class. The definition of words used in the schedules shall have the same meaning as defined in the policy.
Premium
Premium usually is charged for individual covers opted for. In the case of an Asset All Risk insurance, different risks are managed through one policy. To credit the customer on opting for various covers, Alliance offers an all time low premium on the covers chosen. The premium borne by the customer is much less than the compounded premium applicable if all chosen covers were rated individually.
Deductibles
Specified for all other claims except claims preparations and Business Interruption - Time Excess (minimum 72 hours).