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Engineering Insurance

Reliance General Insurance

Reliance Contractors All Risk Insurance Policy Features

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.​

Key Benefits:

  • ​Comprehensive, continuous cover for any eventuality during construction period
  • Various options available for the insured to choose specific additional coverage such as removal of debris, express freight, covering insured's surrounding property, third party liability, etc.
  • Flexibility for the insured to assign limits for the amount of additional coverage

​Reliance Contractors All Risk Insurance Policy Coverage

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:

Section I - Material Damage

  • ​Damage to property insured against sudden and unforeseen causes that necessitate its repair or replacement.
  • In case of repairs and replacements, the settlement is based on production of bills.
  • In the case of total loss, settlement will be actual value immediately before loss less salvage

Section II - Third Party Liability

​This Section covers

  • Legal liability for accidental loss or damage caused to property of other persons including property held in trust by or under custody of the Insured for which he is responsible, excluding any such property used in connection with construction thereon.
  • Legal liability (liability under contract excepted) for fatal or non-fatal injury to any persons other than the Insureds own employees or employees of other firms connected with any other construction work or members of the Insureds family directly consequent upon or solely due to the construction of any insured property.
  • Covers cost of litigation recovered by any claimant from the Insured
  • Also covers all costs and expenses incurred with the written consent of the Insurance Company

Special Features:

​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
  • Escalation
  • Express freight, holiday and overtime rate for wages
  • Air freight, additional customs duty
  • Construction, plant and machinery
  • Maintenance visits and extended maintenance cover

Reliance Contractors All Risk Insurance Policy Exclusions

​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.