Contractors all risks insurance, also called CAR, gives your business financial protection against the cost of damage to property, and claims for third-party injury or damage. The cover is usually taken out by both the contractor and the employer, sometimes other named interested parties, and everyone noted on the policy can claim.
What’s covered?
A CAR policy covers your company and other relevant parties against all the risks normally associated with construction work:
- Fire damage
- Flood damage
- Wind damage
- Earthquake
- Water damage
- Mould
- Poor construction
- Negligence
- Third party injury or damage
- Damage to permanent and temporary works
- Free issue materials on site and in transit
- Protection for both owned and hired plant and machinery
- Up to 12 months of cover after the contractual obligations are over, the ‘maintenance or defects’ liability period
- Unforeseen loss or damage to building works
- Machinery movement
- Public liability
- Tools
- Business interruption
- Equipment erection
- An optional professional fees extension