Building sites are sometimes regarded as being synonymous with risk, but that doesn’t mean you have to jump into deep waters without a lifeline. Contractors, all risk (CAR) insurance is the key to recovering quickly from an unforeseen event to ensure you finish the project on time.
CAR-insurance is a term used for broad insurance on the wide range of risks involved with construction. This insurance provides protection not only to the contractor or entity responsible for the construction but also to those who require works to be constructed.
CAR-insurance benefits the contractor because it covers all the contractual liabilities for material damage or loss due to unforeseen disasters such as fire, flood, storm, vandalism or even theft. This insurance is much needed when you are working alongside other companies on a contract, offering you security from the many hazards you may encounter on the site.
However, the insurance is just as beneficial to the employer as it ensures enough funding will be available for any of the work or material that’s destroyed or damaged.
CAR insurance encompasses cover for all the main risks pertaining to a project. It is comprehensive cover offering complete protection and peace of mind for any contractor. Any desired extensions to the insurance can be negotiated with your insurance broker and put in place.
Northern Natal Insurance Brokers (NNIB) has the necessary expertise to advise on CAR insurance on all types of buildings and civil engineering projects. Making sure you are covered for the unforeseen, is our priority.