Contractors’ All Risks (CAR) together with Erection All Risks (EAR), are engineering coverages specially designed to protect all classes of Works in construction.
They provide comprehensive protection against loss or damage including the works on site, equipment and/or construction machinery, as well as for third party claims in respect of property damage or bodily injury arising from or in connection with the execution of a building project.
The evolution of technology in the field of construction, the growing demand for complex construction works, the increase in the values of building projects –which means higher technical and economic risk exposure– have resulted in an increasing demand for this insurance protection.
On the other hand, competition in the construction field is getting higher every day, which reduces contractors’ margin which leaves them with no room for unexpected costs and expenses.
Now, if those risks are transferred to professional Insurers/Reinsurers, you can obtain, at the same time, a more accurate calculation of the risk and a reduction in the overall construction expenses with efficient financial protection: a win-win situation for all parties.
Every day more and more construction owners, consulting engineers, architects and financiers, including government projects, demand a CAR/EAR insurance to allocate construction contracts or to grant the necessary credits.
Some of the related products:
- Construction All Risk
- Erection All Risk
- Construction Liability
- Contractors’ Equipment
- Electronic Equipment
- Engineering completed works
- Decennial Liability