Shield contractors, architects, and engineers from financial losses due to unexpected accidents, damage, or third-party claims in construction projects.
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A contractor's all risk insurance policy, also known as CAR insurance, is like a safety net for construction projects. It protects against unexpected problems and covers things like damage to construction equipment, machinery, as well as third-party claims arising from bodily injury and property damage. This insurance is important because it helps keep construction projects on track and prevents financial losses, making sure they finish on time and within budget.
Insurance coverage is applicable for civil engineering projects where the value of civil works is more than 50% of the total contract value.
It operates during storage, erection/construction till completion.
Loss, damage, or destruction of property incurred due to any cause other than those excluded in the policy is covered.
It is widely demanded by construction firms and financiers involved in construction projects.
The contractor’s all risk insurance can be availed by those who are involved in any way in the construction business such as:
You can also cover all participants under a single insurance contract for the whole project to avoid gaps in coverage.
The contractor's all risk policy is a special type of insurance that helps protect construction workers from the unfortunate event of damage or destruction to their projects. It covers everything from small projects like offices, buildings, hospitals, and shopping complexes, to larger projects such as highways, dams, and tunnels. This policy provides coverage for accidental damage to the projects themselves, as well as any equipment or machinery owned by the contractors. In simple terms, it ensures that if something goes wrong during construction, the insurance will help cover the costs of repairs or replacements.
This is an article by YouStory written by Palak Agarwal and published on October, 2022
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