Contractors All Risk Insurance
This is an Insurance Cover that takes care of those in Construction Industry i.e. Roads, Buildings, Electrical/Mechanical Installations.
It covers the Insured against Loss of or Damage to Machinery, Plant and Appliances, Raw Materials including Third Party Injury/Death and Damage to Third Party Properties. This policy provides cover for those who have an immediate material interest in a project. These are the Principal (employer), the Contractor and usually all subcontractors, often including suppliers of materials and equipment.
Contractors’ All Risks is an insurance by which any building or civil engineering project under construction is protected against accidents resulting in physical damage to or the destruction of contract works (building in course of construction), Construction Property, equipment/machinery, temporary buildings, materials and other similar items brought to the site.
The policy can be issued in the name of the contractor only or, contractor, sub-contractor and the principal.