Contractor's All Risk Insurance
At the most basic sense, Contractor’s All Risk Insurance (CARI) is a type of insurance that protects construction projects. CARI protects construction projects from damages and covers third-party liabilities during the entire construction period. Whether it is a large project or a simpler fit-out for your condominium unit, CARI provides financial protection to contractors and project owners against construction-related risks.
What coverages does CARI have?
Material Damage
Protects the contractor or project owner against physical loss or damage to the insured works during the construction period. Normally, this covers the project against Fire, Typhoon, Earthquake and Flood.
Third Party Liability
Protects the contractor or project owner against legal liabilities caused by accidents - including injuries to other people or other damages to another's properties.
Extensions
Optional extensions can be added to make the coverage more comprehensive. This may include equipment protection, environmental liability, or accident insurance for workers