Contractor's All Risks (C.A.R.)
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The Contractor's All Risks Insurance
Contractor’s All Risks Insurance is a relatively new branch of Technical Insurance. It is an insurance for construction projects of all kinds, which provides extensive insurance coverage both for damages during construction, the configuration of the construction site and/or construction machines, as well as for third-party claims as a result of material damage or bodily injuries, which occur during the execution of the project.
Contractor’s All Risks Comprehensive Insurance helps to reduce unforeseen construction expenses that may occur due to material damage and/or loss and at the same time offers an effective financial protection to all parties concerned.
Nowadays, there is a growing tendency among project owners, consulting engineers, architects, and financiers to consider Contractor’s All Risks Insurance as a condition for awarding the project.
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Who can be insured?
Insurance can be concluded from:
The Contractor's All Risks Insurance can be applied to above-ground or underground projects such as:
This term includes all contractual work to be performed by the contractor and subcontractors, including preliminary work such as excavations, landscaping, auxiliary constructions as well as all materials stored on the construction site and necessary for the execution of the project .
Work Site Equipment
This term includes workers’ accommodation, material warehouses, manufacturing and mixing facilities, scaffolding, power and water supply facilities, etc.
This term includes earthmoving machinery, cranes, etc., as well as construction site vehicles, as long as they do not have a license to drive on the public road network.
Demolition, debris removal and water pumping costs
This term includes the costs required for the demolition / removal of debris and water pumping in the event of damage.
Third Party Civil Liability
This term compensates third-party claims for material damage or bodily injury caused by the execution of construction work, for which the insured may be held liable based on existing legislation.
This term refers to property located on the work site as well as to property surrounding the site. However, a distinction is made between:
- Property owned or under the control or custody or safekeeping of persons referred to in the insurance contract as the insured
- Property belonging to or under the control or custody of persons who may be considered as third parties in terms of the insurance contract, i.e. persons who are neither insurers nor insured.
What Contractor's All Risks Insurance cover?
All damages that occur suddenly and unforeseeably during the insurance to insured items will be compensated if the cause of the damage does not fall under the exclusions of the policy. The most important causes of compensation are:
- Fire, explosion, lightning, aircraft crash as well as damage from fire extinguishing water or other fire extinguishing means.
- Storm, flood, rain, snow, underwater earthquake.
- A windstorm of any kind
- Earthquake, subsidence, landslide, rock fall.
- Burglary, theft.
- Poor work performance, lack of skill, lack of experience, negligence, malicious acts of third parties and human error.
What is the coverage period?
Coverage begins upon commencement of work or upon unloading of the insured items at the construction site and ends upon receipt or operation of the project. The liability of the insurers for construction site equipment and construction machinery begins when they are unloaded at the construction site and ends when they are removed from it.
The insured capital is the contractual value of the project plus the value of the construction materials provided or the work performed by the owner.
Separate sums insured are usually established for:
- Construction equipment and construction machinery at replacement value.
- Existing buildings and debris removal.
- Liability coverage against third parties
When assessing the risk of a project, the following factors are taken into account:
- Site conditions and hazards.
- Construction characteristics and construction materials.
- Construction methods.
- Safe factors in the construction schedule.
- Presence of satisfactory measures for the safe execution of the project
Very often the project contract provides for a maintenance period after it has been received. During the maintenance period, the insurer’s liability is limited to losses or damages caused by the insured during the performance of his obligations while the maintenance period lasts.
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Check our Jointly Owned Building Insurance plan
The security of apartment buildings and other common buildings is addressed to management committees and owners of buildings consisting of more than 5 units