Contractor’s all Risk is an insurance covering you from the risks deriving from contracting your construction works to a contractor. This comprehensive insurance protects you until the completion of works. A C.A.R. covers loss/theft of building materials stocked on site or any damage occurring within the framework of the execution of your construction project. In the event of such occurrences, you are safe from their negative financial incidences on the execution of works and you can see to it that these are taken to their effective completion.
Contracting this insurance policy is mandatory for a housing loan implying a construction.
- Indemnifies any loss or unforeseen occurrences arising on the construction site, during the duration of the insurance cover.
- Compensates repair and replacement costs, towards the restoration of your goods and property, as per loss/theft and/or damage declaration recorded.
- Covers the following sudden, accidental and unforeseen damages:
- fire extinction waters
- storms of all nature
- land subsidence
- land slide
- In addition, you benefit from a civil responsibility cover* which safeguards you from material or corporal damage to third parties which may occur within the framework of your construction works.
How does it work?
This insurance policy is mandatory and is requested by the bank while contracting a housing loan including a construction.
Kindly contact your insurance company for a quote.