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What is Contractors' All Risks Insurance?
Contractors' All Risks is an all-risk policy with specific exclusions that provides coverage for damage to property and / or third-party property and bodily injury claims. It can be availed by the Principal or Contractor or both.
Important facts related to the Construction industry
The construction industry has a high accident frequency rate.
In India, accidents that occur in workplaces are widely under-reported.
What is covered in Contractors' All Risks Insurance?
When you buy Digit’s Contractors’ All Risks Insurance, it offers the following coverages
What’s not Covered?
Digit's Contractors' All Risks insurance policy does not cover loss or damage to construction property arising out of cost as highlighted in policy under the head exclusions. Some of them are mentioned below -
How to file a claim?
To file a claim under the contractors' All risk insurance policy, you can follow the steps mentioned below:
Step 1: Contact the insurer and inform them about the incident.
Step 2: Provide the details about the incident and the policy number.
Step 3: Once the claim is registered, they will provide you with a claim registration number.
Step 4: Assessment of the damage is carried out.
Step 5: Once the surveyor approves, the insurer confirms the financial and legal liabilities before settling the claim.
Who needs Contractors' All Risks Insurance?
The insurance policy can be availed of by those involved in the construction business in any way.
Why do you need to buy the Contractors' All Risks Insurance policy?
The policy is necessary because:
- It comes in handy when there is damage to construction projects.
- The project is protected from the date of arrival of first consignment at project site and continues till completion and handing over of project and in no case beyond the expiry date as highlighted in policy.
How is the premium calculated for Contractors' All Risks insurance?
The premium payable for Contractors’ All Risks Insurance policy is calculated using various factors like: