Home > Commercial Insurance > Constructor’s All Risks (CAR), Erection All Risks (EAR)

Constructor’s All Risks (CAR),
Erection All Risks (EAR)

Protect any damage that occurs during the construction process.

Home > Commercial Insurance > Constructor’s All Risks (CAR), Erection All Risks (EAR)

Constructor’s All Risks (CAR), Erection All Risks (EAR)

Protect any damage that occurs during the construction process.

Constructor’s All Risks (CAR)

Covers the risks during

• Construction works of buildings such as office, factory, shopping mall, dwelling use

• Construction works of civil engineering such as construction of road, railway, quay, tunnel, dam, floodgate, airport, underground plaza

Erection All Risks (EAR)

Covers the risks during

• Installation and erection works of various machinery

• Construction works of plant, factory, etc.

• Erection works of superstructures of bridge, steel tower, etc.

Coverage

Provide cover for any damage that occurs during the construction process.

• Section 1-Material Damage

Covers almost any sudden and unexpected material loss or damage occurring to the property insured on the site

• Section 2-Third Party Liability

When the Insured shall become legally liable to pay as damages consequent upon

a) accidental bodily injury to or illness of third parties (whether fatal or not)

b) accidental loss of or damage to property belonging to third parties

◾ occurring in direct connection with the construction or erection of the items insured under Section I and

◾ happening on or in the immediate vicinity of the site

◾ during the Period of Cover

Insured can be

In the name of the contractor, the principal or joint names depending on the project requirement. All the concerned parties are:

Principal, Owner or Employer

Contractor

Sub-contractor

Consultant, Engineer

Sum Insured

Total contract value (TCV) upon completion which includes

Engineering costs

◾ Cost of goods or works of suppliers (i.e. material cost) including

• Tax, custom duties

• Insurance cost, transportation cost

◾ Cost of construction/erection (i.e. labor cost)

◾ Various other costs (e.g. commission)

Service Equipment Supplied by the Principal

Construction/Erection Period

Works Period

➣ Commences

◾ Directly upon commencement of work or

◾ At the time after the unloading of subject matter of insurance from the conveyance on the site

➣ Expires

◾ At the time when the works are taken over by the principal or put into service or

◾ The date specified in the schedule

Constructor’s All Risks (CAR)

Covers the risks during

• Construction works of buildings such as office, factory, shopping mall, dwelling use

• Construction works of civil engineering such as construction of road, railway, quay, tunnel, dam, floodgate, airport, underground plaza

Erection All Risks (EAR)

Covers the risks during

• Installation and erection works of various machinery

• Construction works of plant, factory, etc.

• Erection works of superstructures of bridge, steel tower, etc.

Coverage

Provide cover for any damage that occurs during the construction process.

• Section 1-Material Damage

Covers almost any sudden and unexpected material loss or damage occurring to the property insured on the site

• Section 2-Third Party Liability

When the Insured shall become legally liable to pay as damages consequent upon

a) accidental bodily injury to or illness of third parties (whether fatal or not)

b) accidental loss of or damage to property belonging to third parties

◾ occurring in direct connection with the construction or erection of the items insured under Section I and

◾ happening on or in the immediate vicinity of the site

◾ during the Period of Cover

Insured can be

In the name of the contractor, the principal or joint names depending on the project requirement. All the concerned parties are:

Principal, Owner or Employer

Contractor

Sub-contractor

Consultant, Engineer

Sum Insured

Total contract value (TCV) upon completion which includes

Engineering costs

◾ Cost of goods or works of suppliers (i.e. material cost) including

• Tax, custom duties

• Insurance cost, transportation cost

◾ Cost of construction/erection (i.e. labor cost)

◾ Various other costs (e.g. commission)

Service Equipment Supplied by the Principal

Construction/Erection Period

Works Period

➣ Commences

◾ Directly upon commencement of work or

◾ At the time after the unloading of subject matter of insurance from the conveyance on the site

➣ Expires

◾ At the time when the works are taken over by the principal or put into service or

◾ The date specified in the schedule

 

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