CONTRACTORS’ ALL RISKS INSURANCE
A Contractors All Risks Insurance (C.A.R) protects contractors from loss or damage to contract works and materials during the course of construction and even claims from third parties for bodily injury or property damage.
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WHAT IS COVERED?
The cover is split into 2 primary sections:
Types of losses to contract works that would be covered under this section would include:
Fire & Explosion
Natural Perils (Flood, Storm, Inundation)
Accidental Damage To works
Losses From Riots, Strikes Or Civil Commotion
Collapse Of Structures
Impact By Vehicles
Their own plant and equipment on an all risks basis.
Cover for loss or damage to the principals (contractors client) existing and surrounding property (where required).
Cover for damage to temporary facilities such as site offices.
THIRD PARTY LIABILITY
While section-1 covers damage to the contract works and the contractors equipment. C.A.R also covers losses from third parties claims for bodily injury and property damage. During the course of construction, a contractor may cause accidental damage or bodily injury to third parties and is legally liable to pay damages for such incidents.
A few simple examples/scenarios of this would be:
Cover is provided on a limit per occurrence. Limits offered start at AED 500,000 per occurrence and can go up to AED 100,000,000 (or higher) per occurrence where contractually required.
Additional covers bundled into the Contractors All Risks Insurance would include:
Costs of debris removal
Cost of replacing or reproducing damaged plans and documents
Professional fees (architects and surveyor fees)
Cover for losses during the maintenance period after project completion
Loss or damage to materials and equipment during any inland transit or whilst in an offsite storage location
Fire fighting and extinguishing expenses
Claims preparation charges
WHAT IS NOT COVERED UNDER A CONTRACTORS ALL RISK INSURANCE?
- War,Political Risks
- Nuclear Contamination,Nuclear Radiation Risks
- Damages Due to Wear and Tear
- Wilful Acts or Wilful Negligence
- Cessation of Works
- Injury to Own Workers
- Claims From Third Parties for Professional Negligence,Errors and Omissions
- Fines and Penalties From Any Legal Body
- Gradual Pollution and Contamination
- Financial Losses Due to Insolvency, Bankruptcy, Default
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