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Contractor's All Risk (CAR) Insurance Policy

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.

Who Needs Contractor's All Risk Policy?

Why Do You Need Contractor's All Risk Policy?

Features of Contractor's All Risk Policy

  • 1.Comprehensive Coverage: CAR insurance provides coverage for both property damage and third-party liability claims, ensuring comprehensive protection for contractors during a construction project.
  • 2.Coverage for Material Loss: The policy covers the loss or damage to construction materials while they are being transported, stored on-site, or in transit.
  • 3.Third-Party Liability: It protects contractors against third-party injuries or property damage that occur due to construction activities. This includes bodily injury, death, or property damage to non-workers on-site.
  • 4.Coverage for Equipment and Machinery: The policy also covers construction equipment and machinery from damages caused by accidents, mechanical failure, or theft.
  • 5.Fire and Natural Disaster Protection: CAR insurance provides coverage against damage due to natural calamities like earthquakes, floods, storms, and fires that could delay or halt construction.
  • 6.Contractor's Legal Liabilities: The policy covers legal liabilities, including compensation claims arising from faulty construction, delays, or accidents.
  • 7.Injury and Accident Coverage:The policy extends coverage to workers on-site, protecting them from accidents or injuries that might occur while on the job, including worker compensation benefits.
  • 8.Maintenance Period Coverage: Some CAR policies also extend to cover the maintenance period after the construction is completed, which ensures that repairs due to construction defects are covered.
  • 9.Temporary Work Coverage: The policy can also cover any temporary structures or works such as scaffolding, formwork, or any provisional installations made during the construction phase.

FAQs of Contractor's All Risk Policy

  • 1. What does Contractor's All Risk Insurance cover?

    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.

  • 2. Does the policy cover defects in design or workmanship?

    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.

  • 3. Can the policy be customized for specific projects?

    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.

  • 4. Who is responsible for taking out the CAR policy?

    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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