Contractors All Risks Insurance (CAR)
The building that the contractor is responsible for constructing; It is insurance that protects against damage to construction materials for urban construction projects such as roads and bridges from the time they arrive at the construction site until construction is completed.
Persons involved in the construction project
- Representative; owner or operator
- Contractor
- Subcontractors
- Counseling; Engineer
Construction Period, Maintenance period
AVAILABLE PROTECTIONS
(a) Protection against unforeseeable (or accidental) loss (or damage) of contract works, except those not permitted.
- fire, lightning explosion damage by aircraft; Thefts (violence and/or forced entry only); Wind storm Hurricane Cyclone typhoon flood Earthquakes etc.
- Transportation coverage to replace damage.
- Off-Site (Storage / Creation) Assets stored off-site to replace loss or damage.
- Additional costs for air freight for construction materials to replace loss or damage.
- Over time, night work Additional charges for working on public holidays and express freight charges; More time to complete within the expected period; night work Claiming compensation for extra costs for work and express delivery on public holidays.
- Extended maintenance period and additional cost for loss or damage during maintenance period.
- Costs of reconciling records and preparing claims.
- Protection for temporary buildings. Cost of arranging for temporary storage in compensation claim.
(b) Responsibility to compensate others
Accidentally causing injury (or illness) to an individual; Protection against the insured's legal liability as compensation for accidental loss (or damage) to property arising directly from construction activities occurring at the construction site.
Security deposit
(a) Construction contract value (The value of the contractor's work equipment may be added to the security deposit.)
(b) Construction contract 50% / 75% / 100% / 125% of value
Guaranteed rate
from a minimum of 0.15% to a maximum of 0.518%
Requirements to be insured
- Contract between building contractor and lessee owner detailing insured property (insurance amount and details of property)
- Industry
- Location and site plan (details about third party properties)
- Contract value and its variation
- Contract Period (Schedule/Project Schedule)
- Basic insurance requirements (as stated in the project contract);
- Detailed compensation experience for the past 3 years
- Excavation/excavation details and soil test report (if underground works are involved)
- Site area or building area layout etc.
Cases not covered for claim
- Political risks and impacts such as war and violence
- Limitation of Sanctions
- the cost of repairing the equipment; Faulty workmanship or design defects
- Radioactive contamination; chemical biology Damage caused by chemical and electromagnetic weapons
- Losses following cyber security and technical failures
- Losses due to infectious diseases such as COVID 19
Compensation claim plan
In case of compensation, please notify the Protect hotline no 09253388122 immediately.
If you protect, we will assist you in cases where an employee has to request compensation.
*We are always ready to serve you in order to provide convenience and peace of mind regarding insurance matters.*
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Contact
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No 13, Room (B-1), Ground Floor Lakeken Street, Pazundaung Township Yangon, Myanmar, PO-11171
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09777884834
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info@karkwalpar.com
