About the Policy
The policy provides coverage to contractors in construction and engineering projects, against a wide variety of financial risks, including but not limited to damage to equipment, liability arising out of the project and more.
- Protects your financial investment in your construction projects either individually or jointly as a principal, contractor or subcontractor. either individually or jointly.
- Cover damages to your construction projects arising from all unforeseen circumstances except those specifically excluded.
- War and nuclear group of perils.
- Wilful act/ negligence.
- Inventory losses.
- Normal wear and tear, gradual deterioration, rust, aesthetic defects, scratching of painted or polished surface and breakage of glass.
- Loss or damage due to faulty design, defective material or casting and bad workmanship (limited to items immediately affected).
- Cost of rectification or correction of any error during erection not resulting in physical loss or damage.
- Damage to files, drawings, accounts, bills and currency.
- Consequential losses.
- Cessation of work (both )partial or total
- Policy excess is the first amount of any claim that you have to bear.
Refer to the policy wordings for further details.