Contractor’s All Risks Insurance [CAR]. The basic concept of this cover is to offer comprehensive and adequate protection against loss or damage in respect of the contract works, construction plant and/or bodily injury arising in connection with the execution of a building project.
AWNIC’s CAR Policy has two sections.
Section 1: Physical Loss or Damage
This section provides coverage for losses on materials and contract works from a variety of risks such as:
Section 2: Third Party Legal Liability
This section provides indemnity to third party due to the Legal liability of the insured resulting from negligence of the insured up to an agreed limit(s) for
Maintenance Period Cover protects the insured's against any loss &/or damage that occurs in the course of the compliance with the maintenance obligation under the contract subject to the cause of such loss or damage having originated during the period of insurance
The factors influencing the premium rate for CAR are the Quantum of Contract Value, Period of Contract, Value of Construction Plant & Machinery, nature & type of project, previous loss history of the contractor and the experience of the contractors in similar type of projects.
Quotation will be offered on submission of Company’s printed proposal form. For more information please contact us by telephone or ask for a call back.