Dimensions of Insurance law in the field of Construction
Construction Insurance
Insurance plays a very essential role in construction and infrastructure projects, as it is one sector which is an amalgamation of several phases involving risk at each and every stage. Construction work is a hazardous and risky activity and there have been several cases wherein labourers have been subjected to bodily injuries as well as deaths in some cases. Owing to this vulnerable nature of infrastructure projects, insurance policies become an indispensable part of these projects. Thus, contractors and workers take insurance policies to mitigate the financial risk in the event of any casualty caused during construction.
Some of the benefits of construction insurance are mitigation of economic risk, investment, safety through awareness, sense of security etc.
CAR Insurance Policy
Construction Insurance are of several types and one of the most important among them is CAR (Contractor’s All Risk) Policy. The CAR Insurance Policy is designed as a comprehensive insurance solution covering a wide spectrum of risks ranging from damage to property to third party damage and claims.
The object of the Policy is to cover contractors, construction engineers, workers, architects, financers and insurers against unforseen accidents.
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The Insurance Laws (Amendment) Act, 2015
The General Insurance Business (Nationalization) Act, 1972 in India