Contractor All Risks (CAR) Insurance
Contractor All Risk Insurance (CAR) protects your business against liability for property damage or injuries during renovation and construction projects. This insurance usually required from building management, landlord or main contractor who is responsible for their sub-contractors.
What is Contractor All Risks (CAR) Insurance
Contractors All Risk Insurance coverage includes:
- Material damage to client’s property
- Public Liability
This type of insurance is one of the most common that renovation contractors, and construction companies, purchase. It’s usually very affordable, while providing generous coverage pf Public liability up to $5M and more.
What is covered under the Contractors All Risk Insurance coverage?
It covers:
a. Material damage to client’s property
b. Public liability: Covers injuries caused to third-parties
Do I need Contractors All Risk Insurance?
If you’re involved in any of the following industries, then you’ll need Contractors All Risk Insurance:
- Renovation Contractor
- Installation of any kind of equipment (e.g. IT equipment, manufacturing equipment, sensors, sprinklers, etc.)
- Construction company
- ID Firm
How much Contractors All Risk Insurance coverage do I need?
Typically, most clients will request for you to carry $1-$2 Million Public Liability under your Contractors All Risk Policy.
How much does Contractors All Risk Insurance cost in Singapore?
Single Project Cover: Starts from $400 per project
What we need for us to quote?
- Acquired project value + proof of approved PO/Quotation
- Period of project period + Maintenance period
- Public Liability Sum Assured
- Insured Name and/or any parties who want to be add into the policy
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