Contractors all risk policy new india

A Contractors All Risks (CAR) policy is a type of insurance policy that provides coverage to contractors and builders against various risks and perils that may occur during the construction process. Here's an overview of a Contractors All Risks policy offered by New India Assurance:

What is covered:

  1. Physical Damage: Damage to the contractor's own plant, machinery, and equipment, as well as materials and goods in transit.
  2. Third-Party Liability: Liability for damage to third-party property, including buildings, structures, and other assets.
  3. Employer's Liability: Liability for injuries or death to employees, including permanent total disablement.
  4. Public Liability: Liability for injuries or death to third-party individuals, including members of the public, and damage to their property.
  5. Workmen's Compensation: Compensation to employees in the event of injury or death.

Exclusions:

  1. War and Nuclear Risks: Damage caused by war, nuclear risks, or radioactive contamination.
  2. Intentional Acts: Damage caused by intentional acts of the contractor or their employees.
  3. Normal Wear and Tear: Damage caused by normal wear and tear of the contractor's own property.
  4. Maintenance and Repair: Damage caused by maintenance and repair of the contractor's own property.

Policy Period:

The policy period typically starts from the date of commencement of the contract and ends on the date of completion of the contract.

Premium:

The premium for a Contractors All Risks policy is usually calculated based on the value of the contract, the type of construction, and the location of the project.

Key Features:

  1. Deductible: A deductible amount is applicable for each claim, which is deducted from the claim amount.
  2. Limits of Liability: The policy provides limits of liability for each type of risk, which is the maximum amount that the insurer will pay in the event of a claim.
  3. Excess: An excess amount is applicable for each claim, which is the amount that the contractor must pay before the insurer pays the balance.
  4. Co-insurance: The policy may require the contractor to co-insure a portion of the risk, which means that the contractor must pay a portion of the claim amount.

Benefits:

  1. Financial Protection: The policy provides financial protection to the contractor against various risks and perils, ensuring that they can complete the project without financial loss.
  2. Peace of Mind: The policy provides peace of mind to the contractor, knowing that they are protected against unexpected events.
  3. Compliance: The policy helps the contractor comply with regulatory requirements and contractual obligations.

How to buy:

To buy a Contractors All Risks policy from New India Assurance, you can:

  1. Visit the New India Assurance website and fill out the online application form.
  2. Contact a New India Assurance branch office or a licensed insurance broker.
  3. Fill out the physical application form and submit it to New India Assurance.

Please note that the policy terms, conditions, and exclusions may vary depending on the specific policy and the circumstances of the project. It is recommended that you carefully review the policy document and consult with a licensed insurance professional before purchasing the policy.