Contractors All Risk.
Contractors all risk (CAR) insurance is a non-standard insurance policy that provides coverage for property damage and third-party injury or damage claims, the two primary types of risks on construction projects.
Contractors All Risk Insurance covers all kinds of building and civil engineering construction from residential (housing) to commercial (shopping centers and office blocks) to infrastructure (roads, bridges, dams, water and sewage reticulation pipelines) etc and indemnifies the insured against the hazards which can threaten works under construction.
Damage to property can include improper construction of structures, damage that happens during a renovation and damage to temporary work erected on-site. Third parties, including subcontractors, may also become injured while working at the construction site. Contractors All Risk insurance not only covers those associated risks, but also bridges these two types of risks into a common policy designed to cover the gap between exclusions that would otherwise exist if using separate policies. CAR insurance coverage is common for such construction projects as buildings, water tanks, sewage treatment plans, flyovers and airports. “Investopedia”
Body Corporate Insurance
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