Contractor All Risks Insurance [CARIC]
We understand that you as the contractor, your construction projects are exposed to a number of unforeseeable risks. Have you got these risks covered?
Our CARIC Covers the contractor for loss or damage to contract works, materials and equipment from client perils that may occur during the course of construction [of buildings, roads, bridges, dams, and other like infrastructure].
The perils covered include fire, lightning, flood, storm and tempest, acts of God, theft, malicious damage, impact damage. The policy is extended to include liabilities to third parties for bodily injury or damage to property.
This policy is ideal for civil engineers, construction companies in property development and maintenance of bridges, roads, dams, sewerage and other infrastructural erection including;
- Machinery Breakdown Insurance
- Machinery breakdown insurance provides cover against sudden and unforeseen physical loss or damage to the insured machinery.
- A limited amount will also be available for removal of any debris from a site after such damage/destruction.
This covers the cost of repairing or replacing indemnifiable breakdown or losses to machinery.
Cover Requirements:
- Description of construction works.
- Location of construction.
- Bill of quantities [BOQ]
- Total Value of Machinery and equipment on site.
- Value of Materials on site at any one.
- Value of the contract (contract works).
- Value of the surrounding properties.
- Third party liability cover limit.
Target Group
This policy is ideal for:
- Construction companies in property development.
- Individual and private contractors.
- Companies engaging in the construction and maintenance of bridges, roads, dams, sewerage and civil engineering and other infrastructural erection.
- Companies and individuals engaged in construction of own premises or sites.
