INTRODUCTION Contractors All Risks (CAR) Insurance is a relatively modern branch of Engineering Insurance. The basic concept of CAR Insurance is to offer comprehensive and adequate protection against loss or damage in respect of the contract works, as well as for third party claims in respect of properly damage or bodily injury arising in connection […]
Following rapid industrialization project insurance has gained a lot popularity and has become an indispensable factor for protecting the financial interests of entrepreneurs in this country. Any kind of large project involves a number of hazards both for contractors and for owners of the works and the only economical way to safeguard against all natural […]
ACTUAL TOTAL LOSS :- Where the cargo insured in destroyed or so damaged as to cease to be a thing of the kind insured or where the adssured is irretrievably deprived thereof. CONSTRUCTIVE TOTAL LOSS :- Where the cargo is reasonably abandoned because either the actual total loss appears to be unavoidable or to prevent […]
‘C’ (FIRE RISK’S ONLY) FIRE; LIGHTNING ‘B’ (BASIC COVER) FIRE; LIGHTNING; BREAKING OF BRIDGES; COLLISION WITH OR BY THE CARRYING VEHICLE; DERAILMENT OR OVERTURNING OF THE CARRYING VEHICLE; ACCIDENTS OF LIKE NATURE TO THE CARRYING RAILWAY WAGON/VEHICLE. ‘A’ (ALL RISKS) ALL PHYSICAL LOSS OR DAMAGE TO THE INSURED GOODS EXCEPT AS PER EXCLUSIONS. IT COVERS […]
‘C’ FIRE OR EXPLOSION; STRANDED, GROUNDED, SUNK, CAPSIZED; OVERTURNING OR DERAILMENT OF LAND CONVEYANCE; COLLISION OR CONTRACT WITH ANY EXTERNAL OBJECT OTHER THAN WATER; DISCHARGE OF CARGO ATA PORT OF DISTRESS; GENERAL AVERAGE SACRIFICE JETTSON, SALVAGE CHARGES. ‘B’ COVERS AS PER IC’ C’- C+ AS FOLLOWS EARTHQUAKE; VOLCANIC ERUPTION OR LIGHTING; WASHING OVER BOARD; ENTRY […]