Insure during construction
This insurance policy indemnifies the insured in the event of a loss due to damage or destruction of the construction or work in progress on the site
about CONTRACTORS ALL RISK INSURANCE (C.A.R)
This insurance policy indemnifies the insured in the event of a loss due to damage or destruction of the construction or work in progress on the site as a result of accidental fire or other perils e.g. flooding, heavy winds and earthquake. It also indemnifies the insured in the event of theft of the construction equipment and third party liabilities that may arise as a result of third party injuries or third party property damage.
SECTION 1 (All property insured for which the principal or contractor is responsible)
- On the construction, contract works permanent & temporary, built in performance of the contract.
- On construction plant, machinery and equipment (brought to the site of the contract to facilitate its performance).
- On architects’ , surveyors’ and consulting engineers’ fees necessarily incurred in the reinstatement of the property as a consequence of it being damaged or destroyed.
- Third party liability which includes injury to a third party and/or property damage belonging to a third party as a result of the construction works. (A third party being any other person other than contracted personnel or workers on the site).
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Since 1998, Fortress insurance company has been there for developers and protected their assets against loss