- Created on 08 July 2012
- Written by Super User
Contractor's All Risk
The CAR policy is designed for all types of civil engineering projects such as buildings, dams, flyovers etc. in order to protect the interest of the Principal, Contractors and/or Subcontractors. The policy itself covers the risk of accidental physical loss or damage in respect of the contract works during the
execution of a civil project. CAR insurance policy provides an ‘all risks’ cover. All perils are covered unless specifically excluded.
The inception period of the cover starts form the commencement of work or after unloading of the first consignment at project site, whichever is earlier and terminates on handing over of works to the principal or on the expiry of the policy, whichever is earlier.
Erection All Risks:
This policy also known as EAR is designed to cover Plant and Machinery under erection. Interest of Suppliers/Manufacturers, Contractors and Subcontractors can be recorded in the policy. This policy covers risks associated with storage, assembly/erection and testing of Plant and Machinery. EAR insurance provides comprehensive cover. All perils are covered unless specifically excluded. Cover incepts from the time of unloading of first consignment at the project site and terminates on completion of testing or handing over of the project to the Principal or on the expiry of the policy period, whichever is earlier.