Contractor’s All Risk Insurance (CAR)
Contractor’s All Risk Insurance covers civil works like construction of roads, bridges, dams, high rises, housing projects etc., against any sudden and unforeseen loss or damage involved in the construction of civil works of any kind, construction plant & equipment and construction machinery as well as surrounding property claims in respect of third-party property damage & bodily injury / death arising in connection with the execution of a project.
Section 1 – Material Damage
This section of the Policy provides cover against a wide range of perils. Some of the covered perils are.
- Fire, lightning, explosion, aircraft damage
- Riot, strike, malicious act
- Flood, inundation, storm, cyclone and allied perils
- Landslide, subsidence and rockslide
- Burglary and theft
- Human errors
- Short circuiting, arcing, excess voltage
- Collapse, damage due to foreign objects, impact damages
Section 2 – Third Party Liability
Under this section of the Policy, Insurer will indemnify the insured against legal liability for damages and claimant’s costs and expenses due to:
- Accidental bodily injury and / or death of any third party
- Accidental loss of or damage to property belonging to third party