Contractors All Risk Insurance
Contractor's All Risks (CAR) is an insurance policy that covers the property damage as well as the third-party liability injury or damage claims. This insurance helps to bridge the gap between these two risks and combine them into a single policy and also helps to cover the gap between the exclusions that would otherwise require different policies.
Coverage
Usually the policy covers the following:
- Coverage 1: Material damage
- Coverage2: Third party liability
Key Exclusions
- Intentional losses, wilful negligence of the insured
- Wear and tear
- Defective designs
- Interruption in work
- Stock loss
- Substantial loss
- Poor technique
- Inadequate material