- New India Assurance Contractors All Risk Insurance
- New India Assurance Contractors All Risk: Inclusions
- New India Assurance Contractors All Risk: Exclusions
- New India Assurance Contractors All Risk Insurance
- New India Assurance Contractors All Risk: Inclusions
- New India Assurance Contractors All Risk: Exclusions
- New India Assurance Contractors All Risk: Add-ons
- New India Assurance Contractors All Risk: FAQs
- Page Progress
New India Assurance Contractors All Risk Insurance
Established in 1919 by Sir Dorabji Tata, The New India Assurance Company Limited is a multinational general insurance company headquartered in Mumbai. Originally founded as a private entity, it became a subsidiary of the General Insurance Corporation of India (GIC) after nationalization in 1973. However, in 2003, the Indian government assumed ownership from GIC, solidifying The New India Assurance's position as a key player in the global insurance sector. With a presence in 28 countries, the company continues to operate as a fully government-owned entity.
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- New India Assurance Contractors All Risk Insurance
New India Assurance Contractors All Risk: Inclusions
New India Assurance Contractors all risk insurance provides coverage for the following:
- Section 1: Material damage provides coverage for the physical loss, damage, or destruction of the insured property, excluding causes explicitly outlined as exclusions in the policy.
- Section 2: Third-party liability encompasses the legal liability imposed on the insured contractor for bodily injury or property damage incurred by third parties.
New India Assurance Contractors All Risk: Exclusions
Exclusions under Section 1, for which no claims are payable, cover:
- Faulty design
- Aesthetic defects unrelated to physical loss or damage from accidents, material defects, or workmanship defects.
- Gradual deterioration, atmospheric conditions, rusting, etc., leading to loss or damage.
- Loss discovered only during inventory taking.
- Penalties for delays or non-fulfillment of contract terms resulting in loss.
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New India Assurance Contractors All Risk: Add-ons
The Contractors All Risk policy can be extended to include:
- Clearing and debris removal
- Surrounding property damage not being a part of the contracted work.
- Visits for maintenance/extended maintenance cover for accidental loss or damage during rectification in the maintenance period and/or expenses for rectifying original defects or faults during construction.
- Earthquake coverage
- Third-party liability coverage
- Terrorism coverage
New India Assurance Contractors All Risk: FAQs
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Q: How is the premium for the insurance policy calculated?
Ans: Premiums are typically calculated based on factors like project value, duration, type of construction, location, and additional coverage options chosen. -
Q: Are there specific types of construction projects that can be covered by this insurance?
Ans: Yes, Contractors All Risk Insurance can cover a wide range of construction projects, including residential, commercial, and infrastructure developments. -
Q: Can I add or remove coverage during the policy term?
Ans: It depends on the insurance provider and policy terms. Some policies may allow adjustments during the term, while others may not. -
Q: What happens if there are delays in the construction project?
Ans: Delays in construction may impact the policy, especially if they lead to increased risk. It's essential to inform the insurer about project timeline changes. -
Q: How are claims processed, and what documentation is required?
Ans: To initiate a claim, notify the insurer promptly. Required documentation may include incident details, photos, contracts, and any other relevant information. -
Q: Is there coverage for damage caused by natural disasters like earthquakes?
Ans: Some policies include earthquake coverage as an add-on. It's crucial to check and customize coverage based on project location and potential risks. -
Q: Can I transfer the insurance if I sell the construction project to another party?
Ans: The ability to transfer the insurance policy may vary. Check with the insurer to understand the transferability options and requirements -
Q: Are subcontractors covered under Contractors All Risk Insurance?
Ans: Subcontractors may not be automatically covered. It's advisable to discuss subcontractor coverage with the insurer and consider additional endorsements if needed. -
Q: How long does the coverage last, and can it be extended if the project timeline extends?
Ans: Policy durations vary but are typically aligned with the project timeline. Extensions may be possible, but it's essential to discuss any timeline changes with the insurer
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