Construction All Risk insurance

A construction all risk insurance (CAR) is an insurance policy that provides coverage for all risks associated with a construction project. It protects the project owner (typically the contractor or developer) against financial losses resulting from damage or loss to the construction project.

This type of insurance typically covers a wide range of risks, including damage caused by accidents, natural disasters, vandalism, theft, and more. It helps ensure that the construction project can continue and that the project owner doesn’t face significant financial losses in the event of unexpected events or accidents.

Construction all risk insurance is essential for contractors, developers, and project owners to safeguard their investment and mitigate financial risks during the construction phase of a project. It’s usually taken out for the duration of the construction project and can be tailored to the specific needs and scope of the project.