Importance of Contractor All Risk Insurance In India
India is experiencing immense economic growth, which is raising a boom in infrastructure projects such as railways, industries, homes, dams, flyovers, and power plants. However, these projects carry a number of risks. Despite the hazards, it is important to continue working since economic growth is dependent on the development of public infrastructure. Damage to building supplies, construction machinery, or finished structures due to environmental or manmade hazards can result in significant losses for contractors.
To address these risks, it is important to have insurance coverage for materials, machinery, and the completed portion of the project either before or during the construction period itself. This insurance helps in reducing the hazards connected with construction activities.