Contractors All Risks (CAR)

Introduction

Contractor’s All Risks policy provides compensation to contractors in the event of any physical damage to the contract work during construction (e.g. due to fire, natural disaster, etc.)

This policy can be taken by the principal (owner) or contractor or sub-contractors, jointly or separately. In practice, this policy is taken by the main contractor.

This policy is made up of 2 sections:

Section I- Material Damage-covers physical loss or damage to the items insured due to any cause.

Section II-Third Party Liability-covers the insured’s legal liability towards third party bodily injury or property damage.

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Target Group

  • Contractors and/or Owner of any contacting project

Key Features

  • Loss or Damage in respect of contract work.
  • Construction Machinery
  • Existing Property of the owner.
  • Third Party Liability (Property Damage, Bodily Injury and Death).
  • Cover after completion of the contract work which falls during the maintenance period.

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