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Contractors' All Risks (CAR) Insurance
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| Contractors' All Risks (CAR) Insurance |
Contractors' all risks (CAR) insurance is a non-standard 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 not only covers those associated risks but also bridges these two types of risks into a common policy designed to cover the gap between exclusions that would otherwise exist if using separate policies.SUBJECT MATTERS INSURED
Third parties including subcontractors may also become injured while working at the construction site. CAR insurance not only covers those associated risks but also bridges these two types of risks into a common policy designed to cover the gap between exclusions that would otherwise exist if using separate policies.SUBJECT MATTERS INSURED
- Contract Works: all kinds of civil engineering works such as construction of buildings, road, railway, substructures of bridge, tunnel, dam, floodgate, quay, dock, airport or underground plaza, water tanks, sewage treatment plans, flyovers, and airports.
- Construction Plant and Equipment.
- Construction Machinery.
- Expenses incurred for the clearance of debris following a loss.
- Legal liability arising out of property damage or bodily injury suffered by third parties and occurring in connection with the erection work on or near the erection site
CAR insurance may be concluded by:
- The Principal.
- The contractors engaged in a project, including all subcontractors.
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. Insurers who underwrite this type of policy lose the right to subrogation, meaning that if it pays out funds to one party in the contract, it cannot seek to recover those funds from another party in the contract.
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