A contractor All Risk Insurance Policy is a type of insurance that provides full protection to contractors and construction professionals. It is important to compare policies before buying to guarantee you get the best coverage and benefits. Remember to renew your policy before it expires to avoid gaps in coverage.
In case of unexpected damages, immediately file a claim with okbima and provide all necessary documents for a smooth claim process.
Employers' legal liability under the Workmen's Compensation Act of 1923 and the Fatal Accident Act of 1855 is covered by the Workmen's Compensation Insurance policy.
Contractor's All Risk Insurance is a type of insurance that helps contractors protect themselves from loss or damage during construction projects. It includes structures, machinery, and equipment.
It also provides protection if anyone is injured or property is damaged during construction. This insurance is helpful for engineers, architects, and financiers since it saves money and provides financial protection to everyone involved in the project.
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.
The contractor's All Risk Insurance provides comprehensive coverage and plenty of benefits to all parties involved in construction work. Some of the most important benefits include coverage for material damage and accidental death.
The Benefits of Contractor's All-Risk Insurance:
The Contractor's All Risk Insurance guarantees full coverage and peace of mind during construction projects.
Contractor's All Risk Insurance is an important financial safety for all construction industry stakeholders, including contractors, financiers, subcontractors, and project engineers. Whether the project is commercial or domestic, this policy provides a safety net for everyone involved, protecting both the property and the individuals working on it. Contractor's All Risk Insurance is ideal for contractors managing several projects with multiple parties. It provides comprehensive financial coverage at all stages of the construction process, reducing risks and increasing project completion with confidence.
To choose the right contractor all risk insurance plan, read the points below:
Choose the right sum insured
When getting a Constructors All Risks policy, make sure you select a sufficient amount insured to avoid consequences for underinsurance when making a claim.
Ensure sufficient coverage
Before deciding on a Contractors All Risks policy, thoroughly read the terms and conditions to ensure you have proper protection. This is important in case unexpected situations arise and you need to make a claim.
Opt for an insurer with an easy claims process
Regardless of the policy, it is important to select a Constructors All Risks coverage from an insurer with a simple claims settlement process, as claims are an important aspect of insurance.
Look for additional benefits
In addition to the previously mentioned considerations, choose insurance policies that provide additional perks such as user-friendly mobile apps and 24-hour assistance.
Compare policies from different insurers
Compare the plans offered by different insurers in the market to pick one that gives enough coverage.
When you buy Contractors All Risks Insurance from Okbima, you get the following coverages:
Material Damage:
The insurance plan covers any damage to property during its term, except for specific exclusions, up to the specified amount. You will also be refunded for cleanup costs.
Third-party liability:
Okbima's policy protects you from legal liability for damage to other people's property or injury to anyone who is not an employee of your company.
Compensation:
The policy covers your legal costs that were paid for by the insured or incurred with our written consent.
Comprehensive coverage:
This policy provides major protection for projects, especially when civil construction activities account for more than half of the entire project value.
Add-on coverage:By selecting add-ons, you can choose extra protection that will pay for costs not included in the basic insurance.
You should be aware that the Contractors All Risks insurance policy includes several exclusions that restrict coverage in certain circumstances. These exclusions consist of the following:
Please follow the steps below to renew your Contractor's All Risk insurance policy
Step 1: Go to your insurance company's official website.
Step 2: Enter your policy number to have access to your account.
Step 3: Review the policy insurance coverage and any additional options available.
Step 4: Add or remove any additional insurance coverage based on your needs.
Step 5: It is important to note that adding coverage will raise the insurance cost while reducing coverage would lower it.
Step 6: Once you've made the necessary modifications, proceed to make the payment using a debit/credit card, UPI, or net banking, as per your comfort.
Step 7: After the payment is made, the insurance company will send you the new policy document via email as a soft copy and the hard copy will be mailed to your address within a few days.
Follow these steps to file a claim for the contractor's all-risk policy
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