The Contractors All Risk Policy of National Insurance Company is to insure and compensate the individual against death, permanent total disability, permanent partial disablement, loss of limbs, loss eyesight, arising and resulting directly from accidental injuries.
The objective of the policy is to insure the individual from any kind of bodily damages resulting from fire, lightning, explosion, impact, flood, inundation, storm, earthquake, subsidence, landslide, theft, burglary, riot and strike and terrorist damage.
This Contractors All Risk Insurance Policy of National Insurance Company can be taken by individuals themselves or by the contractors hiring them. Normally contractors engaged in construction of buildings, bridges, tunnels, canals, roads, etc do take this policy.
The policy normally starts right from the time the work begins and from the date specified.
In order to arrive at the amount of insurance required to be taken in the policy, one must take the following prices into consideration:
- The Cost of the Contract which will include Materials or items supplied by the principal and cost of imported items at the construction site.
- Construction Plant and Machinery.
- Cost of Clearance and Removal of Debris
- Insured own surrounding property
- Extra charges for workers’ overtime, express freight, etc
- Third Party Liability and
- Maintenance period
Over and above the items mentioned above one must also include in the cost an additional amount which is for the contract works, construction equipment and machinery.
The Contractors All Risk Insurance Policy of National Insurance excludes faulty designs, inventory losses and certain other deductible extras.