Contractors’ All Risks Insurance (C.A.R)
Contractors’ all risks (CAR) policy is specifically designed to protect the interest of contractors, principals, sub-contractors, in respect of civil engineering projects like construction of buildings, bridges, road works, etc. It provides an “all risk” cover. Every risk is covered unless it is specifically excluded.
C.A.R policy is an all risks policy specially designed to cover losses/damages to predominantly civil engineering construction projects. This policy can be issued in the joint names of the contractor & the principal to comply with the insurance requirements of the contract.
Contractors’ Plant & Machinery Insurance (C.P.&M)
This insurance covers the unforeseen and sudden physical loss or damage to construction machinery and equipment used by the contractor within the work site, whether these items are at work or at rest or being dismantled for cleaning or overhauling or in the course of the aforesaid operation or in the course of subsequent re-erection after the operation has been tested successfully.
Erection All Risks Insurance (E.A.R)
This insurance covers the risks associated with storage, assembly/erection and testing & commissioning of plant and machinery. Erection all risks insurance cover provides a comprehensive cover and all perils are covered unless specifically excluded. The policy can be extended to cover third party liability and other exposures
Machinery Breakdown Insurance (M.B)
This policy covers any unforeseen and sudden physical loss or damage to machinery insured under the policy, against causes such as defects in casting and material, faulty design, faults at workshop or in erection, bad workmanship, lack of skill, shortage of water in boilers, physical explosion, tearing apart on account of centrifugal force, short circuit and storm.
Loss of Profits Insurance following machinery breakdown (L.O.P)
This type of insurance covers loss of profits resulting from the interruption or irregular of the work due to an unexpected accident owing to breakdown of machinery.