Some of our customers get confused with insurance terminology (which is totally the fault of the insurance industry for not making things simpler). Here at Titan Insurance, we try to make things easier for everyone but hopefully one day the insurance industry will get there but in the meantime….
Generally speaking, Contract Works insures the project (or works) to be undertaken from the start to final handover should loss or damage occur during the construction period eg., fire, flood or theft.
This insurance is usually arranged by the Builder, Contractor or Client.
And that’s pretty much it…
On the other hand, Contractor’s All Risks insurance (C.A.R) covers all the Contractor’s (or Builder’s) insurance requirements which can also include Contract Works.
It is basically an ‘umbrella’ insurance policy for the Contractor or Builder.
Other such areas of insurance within C.A.R. can also include:
- Public & Employers Liability
- Equipment & Plant
- Hired In Equipment
- Legal Expenses Insurance
Some of these policies may be a bit more complex depending on the type of project and parties involved but the principles remain the same.