Contract All Risk (CAR) Insurance: Fulfill Contract Requirements
What is this product about?
Contract All Risk (CAR) insurance is designed to meet the insurance obligations placed upon contractors under the contract conditions. This policy covers all the work to be performed under the contract, whether they are preparatory, provisional, or final, along with all the materials and equipment involved. It ensures comprehensive protection against unforeseen risks, safeguarding your project from start to finish.
What are the covers/benefits provided?
Section 1 – Material Damage
This section covers almost any sudden and unforeseen physical loss or damage (except as specifically excluded in the policy) to the contract works, property, or items insured during the period of insurance.
Section 2 – Third Party Liability
This section covers third party liability, for which the insurer shall become legally liable to pay as damages, consequent upon:
- Accidental bodily injury to or illness of a third party
- Accidental loss or damage to property belonging to a third party
The duration of cover corresponds with the contract period stipulated in the Letter of Award.
We will explain the warranty if it has been mentioned in the quotation before the policy incepts. The policy can be voided if the warranties are not fulfilled.
If you have any questions or need assistance, contact us at [email protected] or reach out via WhatsApp. We offer quick quotations for simple projects and can manage multiple quotations from various Malaysian insurance companies. We are a financial adviser approved and licensed by Bank Negara Malaysia.
