Construction Insurance

Construction All Risks (CAR) Insurance is a type of engineering insurance that is specifically designed for businesses in the construction industry. Construction companies are constantly faced with the dilemma of whether or not to purchase insurance coverage for their contractors and subcontractors. While many companies choose to self-insure, others opt for a contractor or subcontractor insurance policy.
Construction All Risks insurance is typically purchased by contractors and property owners who are undertaking a construction project. The policy provides coverage to the owner, contractor and subcontractor for the property while it is under construction, as well as for any damage or destruction that may occur once the construction is complete. The policy also provides coverage for materials in transit and for the value of the project at the time of loss.

Erection All Risk (EAR) insurance is a type of insurance that covers the cost of repairing or replacing any property that is damaged as a result of an erection accident. Losses that are typically covered include damage to the property, loss of use and business interruption. The cost of erections can be very high and is not always something that can be recouped from a third party.

This type of insurance is typically used by construction companies, but can be beneficial for any business that relies on erections for their operation. The policy can provide coverage for the insured party and/or the contractor hired to erect the structure.

The cost of the policy depends on a number of factors including experience of the contractor, the height, weight, whether testing and commissioning is required or not and location of the structure, as well as whether it is temporary or permanent.

Construction is a risky business. There are countless ways something can go wrong, and when it does, the consequences can be disastrous. One of the many risks that comes with owning and operating a construction company is the risk of third party liability. This type of insurance protects your business from lawsuits by people who are not employed by your company, but who may have been injured or had their property damaged as a result of your work. It is important to have this type of coverage if you are involved in any type of construction project, as it can provide peace of mind in the event that something goes wrong.

Third Party Liability Insurance is a type of insurance that protects builders, general contractors, and other professionals involved in the construction process from potential lawsuits. This type of policy can help protect you from costs associated with personal injuries, property damage, and wrongful death if you are found liable. It may also cover legal fees and other expenses associated with the suit.

Suretyship insurance is a type of insurance that help protect construction companies and their employees from financial losses in the event that a contractor fails to complete a project. This type of insurance is often used in the construction industry, where contractors are often responsible for completing large projects on time and within budget. If a contractor or a subcontractor fails to complete their work on time, or if they do a poor job, the construction company can file a claim with their suretyship insurance company. The surety company can step in and finish the project, or pay any damages that may have been incurred. Thus, this protects businesses from risks and potential losses, helps secure contracts (acting as a form of collateral) and manage their finances by providing a way to stabilize cash flow.

Constructional Plant and Machinery (CPM) insurance is a type of insurance that covers the risks associated with the use of construction equipment. This type of insurance is important for companies in the construction industry, as it can help protect them from costly damages that may occur if their equipment is damaged or destroyed. There are a number of different types of CPM insurance policies available, so it is important to research what option is best for your company. From bulldozers to drills, this equipment can be very expensive to replace if it is damaged or stolen. That’s why many companies choose to protect their investment with constructional plant and machinery insurance.