Contractor All Risks
Contractor All Risks
Contract works insurance
Contractors All Risks insurance, also known as contract works insurance, is designed to provide comprehensive protection for a variety of construction-related activities. This policy covers damages that may occur during the construction process due to unforeseen events such as floods, fires, storms, theft, or vandalism, helping to offset the costs of repairs or complete reconstruction.
While Contractors All Risks insurance may be a mandatory requirement for certain projects, it is beneficial for all construction endeavors. It not only protects against physical damages but also covers liabilities that may arise while working on-site, making it a prudent choice to secure this coverage before commencing any construction project.
What Does It Cover?
- Fire and Lightning
Coverage for damage caused by fire or lightning incidents at the construction site.
- Accidental Damage During Construction
Protection against unexpected damage occurring during construction work.
- Water Damage, Flood, Storm and Tempest
Includes coverage for damages from water-related events such as floods, storms, and tempests.
- Protection for Personal Belongings
Includes coverage for loss or damage to personal items like devices, cash, and jewelry.
- Collapse, Collision, Impact, Burglary, Theft and Malicious Damage
Coverage for structural incidents, theft, or intentional harm impacting the project.
- Breakdown or Explosion at the Site
Protects against mechanical breakdowns or explosions involving site equipment like lifts.
- Defective Material and Workmanship
Covers damages resulting from flaws in materials, workmanship, or design defects.
- Natural Disaster Coverage
Includes protection from events like riots, strikes, earthquakes, hurricanes, and volcanic eruptions.
- Third-Party Legal Liability
Indemnity for third-party claims due to bodily injury, death, or property damage resulting from negligence by the Principal, Contractor, or Consultant.