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Contractor All Risk Insurance

1. A Contractor All Risk (CAR) insurance policy provides comprehensive coverage for construction projects against various risks and perils.

2. This policy offers protection to contractors, developers and project owners.

Coverage

Property Damage

Covers loss or damage to the insured construction project, including the building structure, materials, and equipment, due to risks such as fire, theft, vandalism, natural disasters and accidental damage.

Third-Party Liability

Provides coverage for bodily injury or property damage claims made by third parties, such as workers, visitors, or neighboring properties, arising from construction activities.

Contract Works

Protects against financial losses due to damage or destruction to the construction project during construction, including the costs of repair, reconstruction, and delay expenses.

Construction Plant and Equipment

Covers loss or damage to construction machinery, tools, and equipment used on the project site.

Add-On

Own Plant and Machinery - Extends coverage to include owned or hired-in construction plant and machinery against accidental damage, theft, or breakdown.

Professional Indemnity - Offers protection against claims arising from errors, omissions, or negligence in the design or engineering aspects of the construction project.

Advance Loss of Profit (ALOP) - Provides coverage for financial losses resulting from delays in project completion due to insured perils, including additional expenses and loss of revenue.

Delay in Start-Up - Provides coverage for financial losses resulting from delays in project completion beyond the scheduled completion date, including additional costs and loss of revenue.

Legal Expenses - Covers legal fees, court costs, and expenses associated with defending against third-party liability claims related to the construction project.

Exclusions

1. Damage resulting from gradual wear and tear or deterioration of materials or equipment over time.

2. Damage or losses caused by war, acts of war, terrorism, or civil unrest.

3. Damage resulting from nuclear reactions, nuclear radiation, or radioactive contamination.

4. Damage resulting from faulty workmanship, defective materials, or poor construction practices.

5. Financial losses resulting from delays in project completion or business interruption, unless specifically covered under add-on like Advance Loss of Profit (ALOP) or Delay in Start-Up (DSU).