The Contractors-All-Risk Policy is a comprehensive all-inclusive policy covering all the conceivable risks to which a construction firm is exposed.
The policy is usually structured to cover all tangible properties at a construction site including materials both on site and at other storage camps against any unforeseen and sudden physical loss or damage from any cause other than those specifically excluded.
There is also a cover to indemnify the contractor, owner or financier against sums that shall become legally liable to pay as damages consequent upon accidental bodily injury to or illness of third parties and accidental loss of or damage to property belonging to third parties. This takes care of the losses occurring in direct connection with the construction items insured and happening in the immediate vicinity of the site.
The policy could be used to secure projects such as, Building, Roads, Bridges, and other civil engineering works.
As projects differ from one to the other, we would customize the cover to meet the needs of our clients if required. Cover could also be extended to cover, construction plant and machinery as well injury to the contractors’ employees on the project.