Construction Insurance All Risks (CAR)

Construction projects can be jeopardised by a wide variety of risks at every stage of the their development, from design to completion. The "all risks" insurance policy for contractors is important because is intended to cover the huge financial losses that could incur in the event of a disaster.

Contractor All Risk Insurance (CAR) is a policy that provides coverage for material damage and damages to third parties, the two main categories of risks involved faces construction projects. Property damage can cover improper construction damage to the structures, damage caused during renovation and damage to temporary buildings. The insurance is suitable for all types of civil works, from buildings small to residential complexes or large shopping malls, from roads to irrigation canals, water tanks, wastewater treatment plants, airports or dams.

The Obsidian Broker team is specialised in complex construction appraisal projects and will provide advice to adapt the insurance solutions to the needs of a specific construction work.

The purpose of this policy is to ensure that all parties involved in a project are covered, regardless the type of damage to the property or who caused the damage. The insurance policy covers the contracted works, permanent and temporarily, the materials and equipment used to complete them, including the contract value and the materials or other goods provided by the beneficiary. Expenses are also covered, such as cleaning the perimeter in case of an accident, the costs involved in the intervention of firefighters or others professional categories involved in disaster recovery, including fees for staff involved in the realisation of the work, from architects, consultants and other categories of experts.

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