CAR & EAR Insurance

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CAR & EAR Insurance

CAR (Contractors' All Risks) Insurance and EAR (Erection All Risks) Insurance are specialized types of insurance policies designed to provide comprehensive coverage for construction projects, including the construction of buildings, infrastructure, industrial facilities, and other projects involving significant construction work. While both types of insurance provide coverage for similar risks, they differ in scope and focus:

Contractor's All Risks (CAR) Insurance:

  • Coverage: CAR Insurance provides coverage for all risks of physical loss or damage to the contract works, construction materials, and other property involved in the construction project. It typically covers risks such as fire, theft, vandalism, natural disasters, accidental damage, and more.
  • Scope: CAR Insurance is intended to protect contractors against the financial consequences of unexpected events or perils that may damage or destroy the construction project. It also covers liability arising from third-party property damage or bodily injury caused by the construction activities.
  • Applicability: CAR Insurance is suitable for a wide range of construction projects, including buildings, roads, bridges, dams, and other infrastructure projects.

Erection All Risks (EAR) Insurance:

  • Coverage: EAR Insurance provides coverage for all risks of physical loss or damage to machinery, equipment, and other items being erected, installed, or assembled as part of the construction project. It typically covers risks such as transit damage, loading and unloading, erection/installation process, testing, commissioning, and more.
  • Scope: EAR Insurance is specifically tailored to protect contractors and project owners against the risks associated with the erection, installation, and commissioning of machinery, equipment, and industrial facilities. It covers both material damage and liability risks during the erection process.
  • Applicability: EAR Insurance is commonly used for projects involving the installation of machinery and equipment, such as power plants, manufacturing facilities, refineries, and other industrial projects.

Standardized products for the construction and erection phase:

  • Contractors' and Erection All Risks (CAR/EAR)
  • Third Party Liability for onsite activities (TPL)
  • Advance Loss of Profits / Delay in Start-up in conjunction with works (ALoP/DSU)
  • Construction site insurance
  • Turnover-based contracts for global customers with construction/assembly risks
  • International solutions for individual risks and global programs

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Construction All Risks (CAR) and Erection All Risks (EAR) policies provide important protection for inherently hazardous construction work. Although CAR and EAR insurance policies are often considered to be interchangeable, there are significant distinctions between them.

In an Erection All Risk (EAR) policy, you are protected when installing machinery or equipment in your factory or office. The policy covers any losses or damages that occur during installation.

The Erection All Risk (EAR) insurance covers loss or damage to projects that involve the erection/installation of plant, machinery, and equipment ranging from the erection of a single machine to a large power plant.

Key Takeaways. An insurance company owned by its policyholders is a mutual insurance company. A mutual insurance company provides insurance coverage to its members and policyholders at or near cost. Any profits from premiums and investments are distributed to its members via dividends or a reduction in premiums.