CAR POLICY : CONTRACTOR ALL RISK POLICY

CAR POLICY: CONTRACTOR ALL RISK POLICY

one type of insurance

Virtual completion period: Time duration for work/project.

Successful completion: It's complete on defected liability period (around after 12month after completion of project).

Amount of CAR POLICIES = alloted work cost (1 cr.) + 15% = 1.15 Cr. Amount Car policies required vaild till to virtual completion period.

Required to Basic Cover in CAR POLICIES

Earthquake

Fire/explosion

Collapse

Strom/cyclone

Flood

Landslide

Loss or damage due to riot and civil commotion(SRCC)

Pilferage, Burglary and Theft

ADD ON COVERS

Debris removal (add on cover) in case of building collapse and earthquake.

Act of terrorism

Contractor Plant and Machinery

Limited extended maintenance cover

Free issue of the material issue by client

Third-party insurance including cross liability – legal liability for fatal and non-fatal injuries caused to a third person (other than the own employee or workers insured) due to the construction of property/project. Minimum amount 1 cr.

Damage to owner's surrounding property – Legal liability for accident damage or loss caused to the property/asset of the third person due to construction.

Workman’s Compensation Insurance Policy to cover contractor liability under workmen’s compensation Act 1923, minimum wages Act 1948, Contractor labour (Regulation and Abolition) Act 1970 and other relevant Acts listed elsewhere. This shall be valid for the period upto final completiton of the work and any extension thereof.