About the Service
Construction / Erection All Risks (CAR/EAR) Insurance protects developers and contractors against financial losses arising from loss of or damage to construction and erection works during the course of the project. The insurance helps maintain continuity of works and reduce the risk of unplanned costs and project delays.
Purpose of Cover
- Protection of the principal’s, contractors’ and lenders’ capital investment against financial losses arising from damage to or destruction of construction works
- Supporting the continuity of construction process and the timely commissioning of projects
Insured Events
- Physical loss of or damage to insured property under construction and erection, hot testing and commissioning and start-up
Scope of Indemnity
Includes, but is not limited to:
- Repair costs necessary to restore the insured property to the condition it was in immediately before the damage occurred
- In the case where the damage cannot be repaired, the cost of replacing damaged insured property or compensation for its actual value immediately prior the insured event
- All reasonable and necessary expenses incurred in connection with the damage
