Project Insurance: Any loss or damage, to any type of construction or erection work undertaken by under a contract, can be covered under the Project Insurance. Liability or Interest to take insurance can be either of Principal or Contractor depending upon the contract they have entered into.
The Policy will indemnify the Insured against sudden and unforeseen physical loss of or damage to the property insured in the manner and to the extent provided in the policy.
Contractor’s All Risk Insurance (CAR Policy)
Erection All Risk Insurance (EAR Policy)
Project Insurance covers loss/damage until the completed Project is handed over to the Principal.
Who needs project insurance?