Contractor All Risk Insurance
Contractor all risk insurance provides coverage for accidental loss of or damage to the contract works caused by any unforeseen and sudden physical loss or damage from any cause other than fault design, defective material and/or workmanship,wear and tear, corrosion, oxidation, deterioration due to lack of use and normal atmospheric conditions. On top of that, it can be also be extended to cover loss or damage to construction plant and machinery, costs of clearance of debris following a loss, extra charge for overtimes and express freight, damage to surrounding property and liability consequent upon accidental bodily injury to or illness of third parties and accidental loss of or damage to property belonging to third parties.
