Construction & risk go hand in hand! Huge & complex projects, a range of affecting factors and involvement of massive capital makes Construction & Engineering Projects exposed to various risks. Unscheduled delays, natural calamities, deficient planning, machineries’ breakdowns, rising costs, and even vandalism & sabotage – the risks are many and enormous. To insulate from avoidable and unavoidable risks, insurance is a contractor’s best friend!
Insurance, though a necessary cost for meeting compliance for any construction project, may become a source of revenue if managed professionally. Our insurance & claims experts at Contract Square help you track insurance claims & settle the same to reduce your risk and create profitability.
Types of Construction Insurance
Contractor’s All Risk Insurance Policy
The policy covers large infrastructure development projects in case of loss or damage due to any natural calamities like flood, landslide, hurricane & storm, earthquake, lightning, fire, etc. It also insures against poor craftsmanship, collapse & wet risk and sabotage & burglary.
Erection All Risks / Storage-cum-Erection Insurance Policy
The insurance begins with the first unloading of materials at a construction site and includes all risks during storage, erection, testing and commissioning of all structures and electrical equipment. All plant & machinery of the project is covered under this policy.
Machinery Breakdown Insurance Policy
All heavy machineries, both electrical & mechanical are covered under this policy. All such machinery, whether at work or at rest, is a part of such policy. It also includes the equipment dismantled for cleaning/overhauling, and all machinery shifted & re-erected within the specified premises.
Machinery Loss of Profit Insurance Policy
The policy insures against the reduction in profits arising out of accidental damage to any machinery being operated during an insured risk.
Workers' Compensation Policy
The policy covers all legal & statutory liabilities that may arise due to the injury or casualty of any worker/employee during the construction period.
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Insurance Management at Contract Square
Our team of insurance experts offers you a range of services to ensure that you are well-covered against any risks and you are well prepared to manage your project properly with appropriate insurance policies.
An array of services being offered by us in the domain of Construction Insurance:
Risk Management Solutions
Our experts at Contract Square create effective strategies to avoid losses and make the best possible use of the risk potential in construction. Our services include:
Methodical identification and assessment of all kind of project risks.
Accurate risk analysis & evaluation.
Stating effective measures for risk control.
Continuous monitoring of risk factors.
Insurance Claims Management
Our techno-legal experts prepare all documents & required correspondence to identify, strengthen & file your claims with the Insurance companies. We provide best possible solutions to mitigate risk and file any claims in case of losses arising against such insured risks including necessary documentation. We professionally manage the entire risk evaluation & insurance process to ensure all potential risks are properly covered and support in timely & accurate filing of claims.
Maintaining comprehensive documentation and records to file claims.
Coordination with approved surveyors and loss assessors.
Managing negotiations for better claim recovery.
Expedite Claims Management process.
Undertaking post-claim reviews & workable solutions.
Legal representation for negotiations & litigation, as required.