CI & RE. BROKERS
51 Big Waterloo Street
Phone: (Insurance) +232 77 611 826 / 076 717 745
(Reinsurance) - +232 75 718 344 / 099 594 119
Email: (Insurance) - cresmetbrokers2007@yahoo.co.uk
(Reinsurance) - cresmetinsurance.enquiry@yahoo.com
Website: www.cresmetbrokers.com
WHAT IS CONSTRACTOR'S ALL RISK
Constractor's All Risk Insurance (CAR) offers comprehensive protection against loss or damage in respect of the contract works, contraction plants, equipment and machinery,as well as against third party claims in respect of property damage and bodily injury arising in connection with the building and execution of a construction project.
CAR 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.
Typically, both contractor and employer jointly take out CAR insurance policies, with other parties.Because multiple parties are included in the policy, they each retain the right to file a claim against the insurer, although all parties have the duty of informing the insurer of any injuries and damages that may result in a claim.
The goal of a CAR insurance policy is to ensure all parties are covered on a project, regardless of the type of damage to the property or who caused the damage. Insurers who underwrite this type of policy lose the right to subrogation, meaning that if it pays out funds to one party in the contract, it cannot seek to recover those funds from another party in the contract.
Special Considerations
CAR coverage may be extended to cover the interests of manufacturers, suppliers, contractors, and subcontractors. The policy can also be expanded to cover the following events:
They can also be expanded to include a provision for escalation, to cover acts of terrorism, and to cover excess third-party liability.
