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Contractors All Risk - Quote Requirements

Required Documents

Mandatory for All Quotes

  1. Trade License
  2. Valid contractor license
  3. Shows construction authorization

  4. Required for underwriting

  5. Emirates ID

  6. Contractor/owner ID
  7. Valid and current

  8. For identification

  9. Contract Agreement

  10. Signed contract with project owner
  11. Shows scope and value

  12. Required for CAR policies

  13. Additional Documents (as needed)

  14. Project specifications
  15. As requested by underwriter

Required Information

Basic Policy Details

Field Purpose
Product Code 6010, 6020, or 6030
Contract Value Total project cost
Project Start Date When construction begins
Project End Date Expected completion
Insured Name Contractor name

CAR-Specific Information

Field Purpose
Contract Value Sum insured for material damage
Project Location Construction site address
Project Type Nature of construction work
Project Duration Number of months
Maintenance Period Post-completion coverage (if any)

Pricing Methods

Method 1: Villa Construction (Current Standard)

For residential villa construction:

Contract Value below AED 2,500,000: - Minimum premium: AED 735 (with VAT) - Fixed rate application

Contract Value above AED 2,500,000: - Requires underwriter referral - Custom pricing based on: - Project scope - Location - Duration - Contractor experience

Method 2: Other Project Types

For non-villa construction: - Rate based on contract value - Project type and complexity - Construction method - Site location - Contractor track record

Note: Additional pricing methods may apply based on project specifics.

Underwriter Referral

When Referral Is Required

Cases that need underwriter approval: - Contract value above AED 2,500,000 - High-risk construction types - Challenging site locations - Complex projects (e.g., high-rise, marine works) - New contractors without track record - Projects with adverse features

Referral Process

  1. Submit quote with all documents
  2. Underwriter assesses risk
  3. Additional information requested (if needed)
  4. Site survey may be required
  5. Custom pricing provided
  6. Approval or decline decision

Quote Creation Process

Step-by-Step

1. Collect Documents - Trade License - Emirates ID - Contract Agreement - Project specifications

2. Determine Pricing Method - Check if villa construction under AED 2.5M - Apply standard rate if eligible - Flag for referral if above threshold

3. Enter Project Details - Contract value - Project dates - Location and type - Contractor information

4. Submit for Processing - Standard cases: Immediate quote - Referral cases: Underwriter review

Project Types

Residential Construction

  • Villas
  • Apartments
  • Housing compounds
  • Renovation works

Commercial Construction

  • Office buildings
  • Shopping centers
  • Warehouses
  • Industrial facilities

Infrastructure

  • Roads and bridges
  • Drainage systems
  • Utilities
  • Public works

Specialized Projects

  • High-rise buildings
  • Marine/offshore works
  • Underground construction
  • Renovation of existing structures

Validation Rules

Mandatory Checks

Contract Value: - Must be greater than zero - Must match contract agreement - Required field

Project Dates: - End date must be after start date - Duration must be reasonable for project type - Cannot exceed typical construction periods

Contract Agreement: - Must be signed and dated - Must show contract value - Must identify contractor and owner

Next Steps