Contractors All Risk
Insurance
Providing coverage for construction projects and the various risks associated with them.
Contractors All Risk (CAR) Insurance is a type of insurance policy that provides coverage for construction projects. It’s designed to protect contractors, builders, and construction companies against financial loss due to damage or loss of property, as well as third-party injury or damage claims arising during the construction process.
Do you need Contractors All Risk Insurance?
Contractors All Risk insurance is crucial for construction projects to mitigate the financial risks associated with unexpected events or accidents that could delay the project or result in costly damages or legal liabilities.
The key components of Contractors All Risk insurance
Coverage
This insurance typically covers risks associated with construction projects, including damage to the property being built, theft of materials, vandalism, fire, natural disasters, and third-party liability for bodily injury or property damage.
Property Damage
This coverage includes damage to the building under construction, as well as materials, tools, and equipment on-site. It can also extend to cover damage to temporary structures like scaffolding or fences.
Third-Party Liability
This insurance protects against claims from third parties for bodily injury or property damage that occurs as a result of the construction work. For example, if a passerby is injured by falling debris from a construction site, the insurance can cover the resulting medical expenses or legal fees.
Contractual Requirements
Many construction contracts require contractors to carry this insurance to protect the interests of all parties involved in the project, including the property owner, contractors, subcontractors, and lenders.
Customisable
Contractors All Risk insurance policies can be tailored to suit the specific needs of a construction project, including the duration of coverage, coverage limits, and deductible amounts.
Exclusions
Like any insurance policy, this insurance may have exclusions, such as damage caused by war, nuclear hazards, wear and tear, faulty design, or defective workmanship. It’s essential for contractors to understand these exclusions and any additional coverage options that may be necessary.
How much Contractors All Risk cover do you need?
How much cover you need is very much dependent on your specific business. We can work with you to understand your unique requirements and create a policy that fits your business like a glove. Whilst there is more to our service, we follow this simple three step process to ensure you are properly covered.
Step 1
Your business
We meet with you to understand your unique business and the risks it faces.
Step 2
The market
We will take the information and research the market to find the most suitable policy.
Step 3
Your cover
Once you have agreed, we put your policy in place and you are covered.
If you have an insurance need then please get in touch
At Minories Partnership we work with our clients to construct the most appropriate insurance programme for their specific needs. And we’d be delighted to do the same for you. Get in touch and we can talk to you about your needs with no obligation.
