Contractors All Risk Insurance Policy

The Contractors All Risk Insurance provides comprehensive coverage against accidental loss or damage on construction work, machinery, plant and equipment, and bodily injury to the third party in the event of accidents during the execution of these projects.

The policy provides financial protection to civil engineers during civil construction work accidents. It can be availed for the entire project period, from the arrival of construction materials on the site to the completion of the project.

Who Needs a Contractors All-Risk Insurance Policy?

Contractors All Risk Insurance acts as a buffer for loss to stakeholders in the construction industry like contractors, subcontractors, project engineers, etc. Whether commercial or residential construction projects no matter the size, this policy binds everyone involved in the contract within a safety net by providing protection for any accidental loss or damage.

This policy is ideal for project specialists awarded time- bound contracts and is also essential for projects involving multiple parties such as casuals, supervisors, on site security etc. For peace of mind throughout the construction period, this policy is at the top of the priority list

Features of Contractors All Risk Insurance

As mentioned earlier, the Contractors All Risk Insurance policy comes with a list of key features seen below:

1. Comprehensive coverage for contract works and equipment.

2. Extends to coverage of materials on-site.

3. Coverage of loss or damage to third parties.

The policy scope is not limited to accidental loss as a result of fire, floods, riots, malicious damage and has a wide scope of extensions such as compensation for demolition and debris removal costs, firefighting costs, and storage fees to mention but a few.

Uganda is among the fastest-growing economies in the world, with a surge of infrastructural development such as railways, industrial units, housing facilities, dams, flyovers, power plants, and other construction projects.

To mitigate material risks around construction work, the need to insure the entire project before construction remains a necessity considering occurrences of environmental and artificial hazards that could lead to substantial losses.