How to Calculate the “Contractors All Risk Insurance Policy Premium Amount”

 

Contractor’s  All  Risk’s  Policy
Name of the Company ———————
Nature of the Project Construction of Multistoried Complex at Kanpur
Duration 24 Months
Maintenance perid 24 Months
Sum Insured for G + 9 (Rs.)                      90,000,000
Sum Insured for G + 11 (Rs.)                    505,500,000
Total Sum Insured (Rs.)                    595,500,000
Third party Liability                        5,000,000
Surrounding party                        5,000,000
Debris Removal                        5,000,000
Escalation @ 10%                      59,550,000
Earthquake Free Cover not opted
Terrarism Free Cover not opted
Premium for G+9 Premium for G+11 Total
Basic Premium                         236,700                       1,508,918                        1,745,618
Extended Maintenance                       1,191,000                        1,191,000
Third Party Liability                            14,925                              14,925
Surrounding Property                               7,463                                7,463
Debris Removal                            14,925                              14,925
Escalation @ 10%                            88,878                              88,878
Total Premium                         236,700                       2,826,109                        3,062,809
Less : 5 % Special Discount                            11,835                          141,305                            153,140
Premium after Discount                         224,865                       2,684,804                        2,909,669
Add. Service Tax @ 10.20%                            22,936                          273,850                            296,786
Nett Payable Premium                         247,801                       2,958,654                        3,206,455 0.54%
Instalments
Instalments First Instalment 2nd to 7th Instalments
                        595,484                          435,162
Excess
Excess Normal Excess (Rs.) AOG / Collapse
5% of the Claim Amount Subject to Min. of Rs. 10,000/- Rs. 20,000/- for G+9 & Rs.40,000/-for G+11
Premium with 5 times excess
Total Premium i/c Service Tax                        2,885,809 0.48%
First Instalment                            535,936
2nd to 7th Instalments                            391,645
Excess Normal Excess (Rs.) AOG / Collapse
5% of the Claim Amount Subject to Min. of Rs. 50,000/- Rs. 1,00,000/- for G+9 & Rs.2,00,000/-for G+11
Premium with 10 times excess
Total Premium i/c Service Tax                        2,565,163 0.43%
First Instalment                            476,387
2nd to 7th Instalments                            348,129
Excess Normal Excess (Rs.) AOG / Collapse
5% of the Claim Amount Subject to Min. of Rs. 1,00,000/- Rs. 2,00,000/- for G+9 & Rs.4,00,000/-for G+11

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