Contractors All Risks Insurance

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Contractors All Risks Insurance

  • Cover for ongoing work
  • Cover available for wide range of contractors and trades
  • Owned and Hired In plant and machinery cover
  • Temporary building cover (site office insurance)
  • Tools cover included

Working as a contractor in the extending, refurbishment, conversion of an existing building, or the construction of new buildings or civil works, you face a risk of loss or damage – as well as potential liabilities. The contract that governs the work will usually place responsibility for this loss or damage on the contractor or business doing the work.

A Contractors All Risks insurance policy (sometimes referred to as CAR cover or CAR Insurance) is designed to protect parties from any costs arising from a claim for loss or damage during the time that the work is being carried out. As a contractor, you might ideally be looking for an annual policy that allows you to carry out work throughout the year at a range of different sites. Alternatively, cover can be arranged for the period of an individual project.

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Contractors All Risks Insurance

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Who needs Contractors All Risks Insurance?

Contractors All Risks insurance is designed for those working in the construction trades. You may find that having a contractors all risks policy is a condition of any contract that you undertake. BJP Insurance Brokers can provide contractors all risks cover to sole traders and limited companies working across all aspects of the industry.

What cover does a Contractors All Risks Insurance policy provide?

Rather like a motor insurance policy where you can buy insurance for Third Party Only, Third Party Fire and Theft or Comprehensive cover, there are three levels of CAR insurance:

  • DE3 – Everything except support of building and parts
  • DE4 – Includes support. Still excludes parts
  • DE5 – For major projects.

Contractors’ All Risks insurance can be ‘stand alone’ or included in a standard contractors combined policy and provides insurance cover for the building work being undertaken itself, the materials that are being used during the course of the job as well as equipment and tools belonging to you or your employees. It can also provide protection for any temporary structures that are required on site for the build (site office, storage etc). The cover usually includes protection against malicious damage as well as flood or storm damage.

What isn’t covered by a Contractors All Risks Insurance Policy?

While Contractors All Risks insurance is to protect both the principle client and the contractor themselves from loss or damage to the new building work, it’s worth noting that it usually only provides cover for the new structure in a situation where an extension or alteration is being undertaken. Homeowners thinking that their existing homeowners insurance policy will protect them during renovation or extension work should contact their insurer and check.

Specialist brokers to the construction industry

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What other insurance should a tradesman or contractor consider when taking out a Contractors All Risks policy?

There is a range of other considerations that you may need to take out cover for. Whether you have plant (whether your own or hired in), works vehicles, or require other types of cover relating to your construction trade business, we can help. Give our team a call today.