{"id":228946,"date":"2021-12-02T10:30:17","date_gmt":"2021-12-02T04:00:17","guid":{"rendered":"https:\/\/ayasompo.com\/elementskit-content\/dynamic-content-widget-17ba3e1-5\/"},"modified":"2022-03-03T22:37:36","modified_gmt":"2022-03-03T16:07:36","slug":"dynamic-content-widget-17ba3e1-5","status":"publish","type":"elementskit_content","link":"https:\/\/ayasompo.com\/en\/elementskit-content\/dynamic-content-widget-17ba3e1-5\/","title":{"rendered":"dynamic-content-widget-17ba3e1-5"},"content":{"rendered":"
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What is Contractor\u2019s All Risks (CAR)?<\/h2>\n <\/div>\n
\n Constructor\u2019s All Risks (CAR)<\/b>
\nCovers the risks during
\n
    \n
  • Construction works of buildings such as office, factory, shopping mall, dwelling use <\/li>\n \n
  • Construction works of civil engineering such as construction of road, railway, quay, tunnel, dam, floodgate, airport, underground plaza <\/li>\n<\/ul> <\/div>\n <\/div>\n
    \n
    \n

    What is\u00a0Erection All Risks (EAR)?<\/h2>\n <\/div>\n
    \n Erection All Risks (EAR) <\/b>
    \nCovers the risks during
    \n
      \n
    • Installation and erection works of various machinery <\/li>\n
    • Construction works of plant, factory, etc. <\/li>\n
    • Erection works of superstructures of bridge, steel tower, etc. <\/li>\n<\/ul> <\/div>\n <\/div>\n
      \n
      \n

      What is the coverage? <\/h2>\n <\/div>\n
      \n Provide cover for any damage that occurs during the construction process.\u00a0\u00a0
      \n\u2022\u00a0Main Coverage - Material Damage\u00a0
      \nCovers almost any sudden and unexpected material loss or damage occurring to the property insured on the site\u00a0
      <\/span>\n\u2022\u00a0Additional Coverage - Third Party Liability\u00a0
      \nWhen the Insured shall become legally liable to pay as damages consequent upon\u00a0\u00a0
      \na)\u00a0accidental bodily injury to or illness of third parties (whether fatal or not)\u00a0\u00a0
      \nb)\u00a0accidental loss of or damage to property belonging to third parties
      \n\u2022\u00a0occurring in direct connection with the construction or erection of the items insured under Section I\u00a0\u00a0
      \n\u2022\u00a0happening on or in the immediate vicinity <\/span> <\/div>\n <\/div>\n
      \n
      \n

      Who are the insured? <\/h2>\n <\/div>\n
      \n In the name of the contractor, the principal or joint names depending on the project requirement.\u00a0All the concerned parties are:\u00a0
      \n\u2022\u00a0Principal, Owner or Employer\u00a0
      \n\u2022\u00a0Contractor\u00a0
      \n\u2022\u00a0Sub-contractor\u00a0
      \n\u2022\u00a0Consultant, Engineer\u00a0\n <\/div>\n <\/div>\n
      \n
      \n

      How to calculate the sum insured value for Contractors' All Risks (CAR) and Erection All Risks (EAR)? <\/h2>\n <\/div>\n
      \n Sum Insured value will be calculated based on total contract value (TCV) upon completion which includes\u00a0
      \n\u2022\u00a0Engineering costs\u00a0-\u00a0Cost of goods or works of suppliers (i.e.\u00a0material cost) including\u00a0tax, custom duties,\u00a0insurance cost and transportation cost,\u00a0\u00a0
      \n\u2022\u00a0Cost of construction\/erection (i.e.\u00a0labor\u00a0cost)\u00a0\u00a0
      \n\u2022\u00a0Various other costs (e.g.\u00a0commission) and\u00a0\u00a0
      \n\u2022\u00a0Service Equipment Supplied by the Principal\u00a0\n <\/div>\n <\/div>\n
      \n
      \n

      What kind of business needs to take\u00a0Erection All Risks\u00a0coverage?\u00a0\u00a0 <\/h2>\n <\/div>\n
      \n High risky industries such as installation and erection work of various machinery, construction works of plant, factory, etc., erection works of superstructures of bridge, steel tower needs to take Erection All Risks insurance coverage to provide losses from any damages that occurs during the construction process.\u00a0\n <\/div>\n <\/div>\n
      \n
      \n

      What kind of business owner needs to take coverage for\u00a0Contractors\u2019 All Risks insurance?\u00a0\u00a0 <\/h2>\n <\/div>\n
      \n Construction works of buildings such as office, factory, shopping mall, dwelling use and construction works of civil engineering such as construction of road, railway, quay, tunnel, dam, floodgate, airport, underground structures, plaza needs to take\u00a0Contractors\u2019 All Risks insurance to protect against\u00a0losses from any damages that occurs during the construction process.\u00a0\n <\/div>\n <\/div>\n \n <\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>","protected":false},"author":0,"parent":0,"template":"elementor_canvas","class_list":["post-228946","elementskit_content","type-elementskit_content","status-publish","hentry"],"yoast_head":"\ndynamic-content-widget-17ba3e1-5 - AYA SOMPO Insurance<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ayasompo.com\/en\/elementskit-content\/dynamic-content-widget-17ba3e1-5\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"dynamic-content-widget-17ba3e1-5 - AYA SOMPO Insurance\" \/>\n<meta property=\"og:description\" content=\"What is Contractor\u2019s All Risks (CAR)? 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