Material Benefit: Loss of material during construction is common. Therefore, the contractor’s all risk insurance plan covers a loss that happens to the involved parties due to construction work. The plan covers losses up to a specific sum assured mentioned in the policy document.
Contractor’s All Risk (CAR)
The contractor’s All Risk Insurance Plan provides financial protection against loss or damage due to civil engineering projects. This protection plan is ideal for civil engineers, contractors, subcontractors, and others involved in the construction of projects. The plan covers the physical loss of construction material, property, plants, and equipment. Keep reading to delve into the details!
Secure & Compliant
Fast Claim Support
Trusted Insurer Partners
Secure & Compliant
Fast Claim Support
Trusted Insurer Partners
Benefits of Contractor’s All Risk (CAR)
Third-party Liabilities: Accidental damages are anticipated in construction projects. Henceforth, the contractor’s all risk policy covers legal liabilities due to accidental damage, loss, or injury that happens to a third party. Additionally, third-party property loss or damage is also covered under the policy.
Add-on Cover: One of the major advantages of purchasing a contractor’s all risk insurance plan is that it provides enhanced coverage. The policyholders can buy various add-ons with their base insurance plan while renewing the policy. You may have to pay an extra premium to include add-ons in your base plan.
Lifetime Renewability: Contractor’s all risk insurance policy comes with a lifetime renewability option. This means you can renew your same insurance policy without any age limit or other restrictions for life.
