Construction businesses are laden with variety of risks that can take a heavy toll on finances and also halt projects. The Reliance Contractors All Risks Insurance Policy helps avert the huge financial losses that the contractors suffer under such circumstances.
Provides cover to civil engineering projects:
- Where the value of civil works is more than 50 per cent of the total contract value
- During storage, erection/construction, up to completion and handing over of the works to the principal.
The Policy has the following two sections of coverage:
You can also choose some optional covers for an extra premium:
- Breakage of glass
- Storage risks at fabricator’s premises / workshop
- Sites located in EQ Zones I and II
- Clearance and removal of debris
- Third party liability, surrounding property
- Express freight, holiday and overtime rate for wages
- Air freight, additional customs duty
- Construction, plant and machinery
- Maintenance visits and extended maintenance cover
This policy does not cover:
- Excess as specified in the Schedule
- Loss discovered only at the time of taking an inventory
- Normal wear and tear, gradual deterioration due to atmospheric conditions or lack of use or obsolescence, rust, scratching of painted or polished surfaces or breakage of glass
- Loss or damage due to faulty design
- The cost of replacement, repair or rectification of defective material and/or workmanship
- The cost necessary for rectification or correction of any error during construction unless resulting in physical loss or damage
- Loss of or damage to files, drawings, accounts, bills, currency, stamps, deeds, evidence of debt, notes, securities, cheques, and packing materials such as cases, boxes, crates
- Any damage or penalties on account of the insureds non-fulfillment of the terms of delivery or completion under his contract of construction etc.
- Loss of or damage to vehicles licensed for general road use or water borne vessels or machinery/equipment mounted, operated, or fixed on floating vessels/craft/barges or aircraft.