Constractor's All Risks (Car) Insurance

Contractors' All Risks (CAR) insurance provides coverage for damage to a property and third party harm/injury or damage claims.

Construction’ All Risks involve two main risks:
1) Damage to the property: Includes not properly constructed structure or receiving a damage during a renovation process.
2) Third party claims of damage or harm/injury: Third parties, including subcontractors, might become injured/harmed while working at the site of construction

Contractors' all risk (CAR) insurance includes these two main risks in one policy.
CAR insurance is being taken by the contractor and the employer, and any other party that is required to be a joint named insured under the policy. Each party has the right to file a claim against the insurer and has the duty of informing the insurer of any kind of injuries/harms and damages that might result in a claim.
Underwriters of this kind of policy lose the right to subrogation which means that if it pays to one party in the contract then it cannot recover that payment from another party in the contract.

Risks covered under a CAR policy:

• Earthquake
• Flood
• Fire
• Wind
• Water damage & mold
• Construction faults
• Negligence