Contractors All Risk Insurance
All types of civil engineering works ranging from small buildings to massive dams are exposed to accidental damage from a wide range of perils such as fire, storm, flood, inundation, landslide, earthquake, defective workmanship etc. CAR insurance provides a wide range of covers to enable a civil contractor to meet his obligations under specific contract provision.
It is also permissible to issue a joint policy in the names of the Principal, Contractors, Sub-contractors and also financial institutions involved in the project. This insurance is primarily for constructions where civil portion is more than 50% of the overall project cost.