The policy covers Financial loss incurred by the insured due to loss or damage to machinery as a result of sudden accidental electrical and mechanical breakdown. It reimburses the insured for the cost of repairs or replacement of machinery of like nature.
Contractors All Risk (CAR) policy is designed to protect the interests of contractors and principals in respect of civil engineering projects, like buildings, bridges tunnels, etc.
The policy provides an "All Risk" cover. Every risk is covered which is not specifically excluded. This means that almost any sudden and unforeseen loss or damage occurring during the period of insurance to the property insured on the construction site is indemnified. The more important causes of losses indemnifiable under CAR Insurance are :
The policy can be extended to cover third party liability and other exposures as a result of the execution of the project.