Contractor All Risk
Contractors All Risks Policy
Contractor’s All Risks Policies are issued to cover Material Damage and Third Party Liability risks associated with civil engineering contract works. There should be a contract awarded to the proposer to execute a civil engineering project. The ‘Insurance Conditions’ of such proposed contracts should be reviewed to ensure compatibility with the cover provided under the Company’s standard policy before further processing the insurance proposal.
Should there be any erection and/ or installation of any electrical or mechanical plant (Erection All Risks Insurance) in conjunction with the civil engineering contract works, the contract value applicable to such associated erection and or installation risks is required to be separately ascertained. If the value of such associated (Erection All Risks) works does not exceed 50% of the total value of the contract, it may be included in the same (Contractor’s All Risks) policy itself, but should be rated as per rules applicable to Erection All Risks. If such values do not exceed 20% of total contract value, such separate rating is not required and it may be rated as per rules applicable to Contractor’s All Risks policies. If Erection All Risks cover is given, testing period cover may be given as per rules applicable to Erection All Risks policies.