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Plant Insurance

What does Contractors All Risk cover include?

Contractors All Risk (CAR) insurance is usually provided on a monthly or once-off basis and provides protection for individual construction contracts, including:

– Contract works

– Own plant and tools – monthly only

– Hired in plant – monthly only

– Temporary buildings

A CAR policy is generally the single most inclusive insurance policy for those who work within the construction industry.

How do insurers calculate risk?

Before insurers quote you a premium for your CAR policy, they will first consider a number of factors in order to determine what kind of risk you’re exposed to.

Such factors will include the scope, value, location and duration of the work you will be undertaking.

Do I need to cover temporary site structures?

Sometimes temporary site buildings are automatically included in a CAR policy as long as these are the insured works originally stipulated when buying the policy.

They may be covered under the general definition of the contract works indemnified by the definition of contract works within the policy.

If not, then it will be down to you, the policyholder, to amend said policy to include any temporary buildings as required.

How much cover do I need?

Once-Off: The amount you require will usually depend on the contract value that will be undertaken during the policy term.

Monthly: The amount you require will usually depend on your estimated annual turnover and the value of the biggest contract you’ve undertaken at the time of application.

You should also consider:

– Free issue materials

– Professional fees

– Terms imposed by regulatory authorities such as project managers, municipalities, site inspectors etc.

What other policies should I consider?

In order to ensure that you have all your bases covered, you may also want to consider:

– Public liability

– Employers liability

– Bakkie insurance

For a Contractors All Risk quote click here or speak to one of our specialists today on 080 777 777 1.

RELATED POSTS

What is not covered by a Contractors All Risk Policy?

The main part of the Contractors All Risks insurance is the Contract Works section which provides cover for the property being worked on (e.g. new house, etc.). But it’s important to be aware of what’s not covered by a contractors all risk policy, these are just a few examples:

What is ‘Practical Completion’?

Practical Completion doesn’t mean the Contractor has finished the Works in every detail. It means the Works are sufficiently complete to be safely used by the Employer for the purpose he intended. The Contractor may still complete minor items and fix defects after Practical Completion, as long as the Employer isn’t inconvenienced.

What is Plant All Risk Insurance?

Your onsite machinery (plant) is vulnerable to a number of problems such as breakdowns, vandalism and theft. Missing a project deadline can be bad news for your bottom line as well as your reputation. Plant All Risk Insurance covers you for loss of, or damage to, construction plant and equipment whilst in storage, transit, on the contract site or being use as a tool of trade.

Why is a Contract Works Policy Necessary?

When it comes to planning a new construction project, insurance doesn’t always get the priority it requires, with contractors often wondering whether it is really necessary to take out a contract works policy at all. Very often the contract works policy is arranged at the last minute, or even after the project has already started.

What is a Contractors All Risk Insurance policy?

A Contractors All Risk insurance policy, provides cover for the contract works, surrounding property, contractors’ public liability, SASRIA, Special Risks..

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A Contractor can claim for an extension of time, thus extending the Due Completion Date for a project. He can also claim for any costs which will increase due to being on site for longer (called time-related General Items).

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