Safeguard Your Projects

Contractors All Risk Insurance

Protect your construction projects with ICICI Contractors All Risk Insurance. Safeguard your contract works, plant, machinery, and third-party liabilities from unforeseen accidents and financial losses.

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*Terms and conditions apply.

What is Contractor’s All Risk (CAR) Policy?

During the execution of construction projects, whether for buildings or civil engineering works, unforeseen accidents may occur that can lead to significant financial losses. These losses could affect the contract works, construction of plant and machinery, or even result in Third Party Claims. The Contractors All Risks (CAR) Insurance is specifically designed to protect the interests of contractors and principals against such potential losses.

Who Should Opt for Contractor’s All Risk Policy?

A Contractors All Risk (CAR) policy can be purchased by either the principal or the contractor. However, in most cases, the agreement between the contractor and principal makes it mandatory for the contractor to obtain CAR insurance in both their names before starting the project.

What does the Contractor’s All Risk Policy cover?

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Inclusions

Location Risks:
Fire, Lightning, Theft, Burglary & Housebreaking
Testing and Commissioning Risks*:
Failure of Safety Devices, Electrical Leakage, Insulation failure, Short Circuit, Explosion
Act of God:
Storm, Tempest, Hurricane, Flood, Inundation, Subsidence, Landslide, Rockslide, Earthquake
Handling Risks:
Impact from falling objects, Collision, Failure of Cranes or Tackles, etc.
Risk of Human Element:
Carelessness, Negligence, Faults in Erection/Construction, Strike & Riot, Malicious Damage, Terrorism
Testing Perils:
Maximum value at risk; a specific request should be made to the Underwriter
Handling Risks:
Impact from falling objects, Collision, Failure of Cranes or Tackles, etc.
Risk of Human Element:
Carelessness, Negligence, Faults in Erection/Construction, Strike & Riot, Malicious Damage, Terrorism
Testing Perils:
Maximum value at risk; a specific request should be made to the Underwriter

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Exclusions

War & Allied Perils
Wilful act or wilful negligence:
Of the Insured or their representatives
Excess:
Applicable on each claim as stated in the policy
Normal wear and tear:
Gradual deterioration, lack of use, obsolescence, rust, etc.
Contractual Penalties:
Any damages or penalties due to non-fulfillment of delivery/completion terms under the Insured’s construction contract
Nuclear & Allied Perils
Cessation of Work
Inventory Losses:
Losses discovered only during inventory taking
Faulty Design or Material:
Loss or damage due to faulty design, defective material, or casting (except faults in erection)
Consequential Loss or Liability
Indirect or resultant losses not directly caused by a covered event

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