Contractors’ All Risks Insurance [CAR] protects the interests of contractors involved in civil, mechanical or electrical contracts like construction of buildings, bridges, dams, towers etc, against their exposure to loss, damage or liability by a variety of external and internal causes during the course of construction. .
Scope of Cover
This CAR provides coverage for losses on materials and contract works from a variety of risks such as:
- Accidental damage during construction
- Fire, lightning
- Water damage, flood, storm and tempest
- Collapse, collision, impact, burglary, theft and malicious damage, aircraft
- Breakdown or explosion to any part of the contract e.g. Lifts in buildings etc.
- Consequent damages due to defects in material casting, workmanship and design
- Riot, strike, subsidence, landslide, cyclone, hurricane, earthquake, volcanic eruptions.