IRDAI Surveyor Engineering (S-05) Practice Questions - IRDAI Surveyor & Loss Assessor Exam - Engineering (III S-05 IC-77) Exam

What is the primary basis of Sum Insured under a standard Contractors All Risks (CAR) policy in India?

The market value of the completed structure at the time of loss The estimated project cost as per contract, including materials, freight, customs duty, and erection costs The cost of the materials only, excluding labor and transport The replacement cost of construction machinery used on site

Correct Answer:

The estimated project cost as per contract, including materials, freight, customs duty, and erection costs

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