A Contractors' All Risks (CAR) insurance is one of the contract insurance that covers all loss or damage involved in the performance of a construction project, subject to its policy exclusions, terms and conditions.
The 3 parties to the CAR insurance are; the Contractor, the Principal (employer, owner or developer) and the Insurance Company. Job orders and all contract works are usually offered by the principal by way of a tender.
China Taiping Insurance provides contract insurances such as the CAR Insurance, the contract Public Liability insurance and the Work Injury Compensation Insurance.
It consists of two sections, namely:
Section 1: Material Damages
Section 2: Third-Party Liability
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