Contractor's All Risk (CAR) Insurance is a comprehensive insurance policy that provides coverage to contractors and construction projects against unforeseen risks and damages. It protects the contractor, subcontractors, and project owners from a wide range of potential risks that can arise during the construction phase. The policy typically covers damages to the construction project and the equipment involved, as well as third-party injuries and property damage.
CAR insurance covers a wide range of risks, including damage to buildings, equipment, machinery, and materials during construction. It also includes third-party liability, worker injury protection, and loss due to fire, natural disasters, or theft.
Typically, CAR insurance covers accidental damage or loss during the construction process. However, issues arising due to design flaws or poor workmanship might not be covered. It's important to review the policy in detail and ensure coverage for such incidents if needed.
Yes, CAR insurance can be customized to suit the particular needs of a construction project. The coverage amount, type of work, and specific risks involved in a project can all be adjusted to provide tailored protection.
In most cases, the main contractor or the project owner takes out the CAR insurance. However, subcontractors, suppliers, and other parties involved in the project may also be required to have their own coverage depending on the contractual arrangements.
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