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Contractors' all risks (CAR)

What is Contractors' All Risks (CAR) Insurance?

Contractors' all risks (CAR) insurance is an insurance policy that provides coverage for property damage and third-party injury or damage claims, the two primary types of risks on construction projects. Damage to property can include improper construction of structures, damage that happens during a renovation and damage to temporary work erected on-site.  Third parties, including subcontractors, may also become injured while working at the construction site.  CAR insurance coverage is common for such construction projects as buildings, water tanks, sewage treatment plans, flyovers and airports.

The goal of a CAR insurance policy is to ensure all parties are covered on a project, regardless of the type of damage to the property or who caused the damage.

  • The constructions all risk insurance policy helps the builders and the contractors to replace their buildings and inventories in the event of some major catastrophes like earthquake or hurricane.
  • Having a construction all risk insurance policy helps in providing the financial supports and reducing uncertainties in business and human life.
  • Covers third party legal liabilities protection

SECTION I (Material damage)

  • The policy covers physical loss, damage or destruction of the property due to any cause other than those specifically excluded in the policy.

SECTION II (Contractor’s Plant and Machinery Section)

  • It is an important all risks section covering principally movable plant and machinery owned or leased by the principals or contractors and used on the site for various construction work, repairs & maintenance jobs or even regular site work.

SECTION III (Third-party liability)

  • The policy covers the legal liability falling on the insured contractor as a result of bodily injury or property damage suffered by a third party.

Cover can be extended up to a limit chosen by the insured on the following, on payment of additional premium:

  • Cross liability
  • Cost of removal of debris
  • Express freight, overtime charges
  • Air freight
  • Additional customs duty
  • Escalation
  • Owner’s surrounding property

The policy covers the legal liability falling on the insured contractor as a result of bodily injury or property damage suffered by a third party.

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