An all-risk insurance policy typically covers only the building of a property and expires when the project is finished.
After the project is finished and the property is sold or occupied, a general liability insurance policy can cover damage to the property for an ongoing period of time.
Who Needs Workers for hire’s All Chance Protection?
Consider CAR insurance for contractors who want to guard themselves against the possibility of financial responsibility in the event of property damage or injury during a construction project.
If something unexpected happens on the job, a CAR insurance policy can guarantee that these costs will be covered.
Knowing that your business can survive in these situations can give you peace of mind.
For instance, if the owner of a large building and the contractor who is working on it both have the same CAR policy.
The owner of the building can get reimbursed for any damages the contractor causes to the building when a claim is made.
However, the insurer is unable to seek reimbursement from the contractor.
Additionally, a fire-related loss or damage to property is covered by a CAR insurance policy.
