What are the main features of a Contractors All Risks Insurance Policy?
Covering all types of construction work including new builds and repair, renovation or refurbishment of existing structures, a Contractors All Risk (CAR) policy can be a lifeline if a claim is made against your business. This insurance product is often a mandatory contract condition or may be required by certain membership bodies, who understand how vital this cover can be to protect your business, your reputation and your customer should something unfortunate happen.
Main Features
What are the main features of a Contractors All Risk policy:
- Can be taken out to cover a single project or be set up on an annual basis, providing year-round cover. Annual policies can include Employer’s Liability and Public Liability.
- Covers accidental physical loss or damage to property insured during construction works.
- Can cover your team including sub-contractors.
- Can include high risk business activities that are typically not covered by standard off the shelf liability products.
- Protects against claims of negligence and damage/injury to client or third party property and people.
- Can include cover for equipment/tool failure, theft and damage, whether this is own plant, hired-in plant or employee’s tools.
- Covers unexpected events (such as fire, vandalism, theft, storm and floods).
- Can be taken out jointly by the contractor and employer, with other parties named on the policy (e.g. the finance company). This means each party has the right to claim against the policy.
- Includes legal advice, defence and compensation awarded to the claimant where required.
