Policy covering damage to works under construction throughout the project, on an all-risks-except-exclusions basis.
Contractors all risks insurance covers physical damage affecting a structure under construction, as well as materials and equipment on site, from the start of works to handover. It operates on an all-risks basis, meaning any accidental damage is covered except what is expressly excluded, making it a broad cover suited to the diversity of a construction site's hazards: fire, storm, flood, collapse, theft, defective workmanship within limits. Generally bought by the project owner or main contractor on behalf of all parties, it avoids liability conflicts between trades. For large infrastructure projects, its sizing and the control of accumulations are significant underwriting issues, especially as the duration of a project exposes it to seasonal climate hazards. It is often complemented by advance loss of profits cover for delayed commissioning.
A storm damaging a partially erected structure on an infrastructure site falls under contractors all risks cover, which funds the repair.
CAR, tous risques chantier, contractors all risks, TRC