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Contractors' All Risks Insurance

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.

Section 1: Physical Loss or Damage: This section 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.

Section 2: Third Party Legal Liability:This section provides indemnity to third party due to the Legal liability of the insured resulting from negligence of the insured up to an agreed limit(s) for;
  • Accidental bodily injury &/or death to third parties
  • Accidental damage to property (excluding property belonging to or in the custody or under the control of the insured, and legal expenses for defending any proceedings with company’s consent.
Maintenance Cover: Maintenance Period Cover protects the insured against any loss &/or damage that occurs in the course of the compliance with the maintenance obligation under the contract, subject to the cause of such loss or damage having originated during the period of insurance. 

The premium is calculated on the basis of contract value, period of contract, value of Construction Plant & Machinery, nature and type of project, previous loss history of the contractor and the experience of the contractors in similar type of projects.
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