Construction & Insurance
Insurance plays a very essential role in construction and infrastructure projects as construction is one sector which is an amalgamation of several phases involving risk at each and every stage.Work of construction is hazardous and there have been several cases wherein labourers have been subjected to bodily injuries as well as deaths. Owing to this vulnerable nature of Construction and infrastructure projects, insurance policies become an indispensable part of these projects. Thus, contractors and construction workers take insurance policies to mitigate the financial risk in the event of any casualty caused during construction.
Some of the benefits of construction insurance are mitigation of economic risk, investment, safety through awareness, sense of security etc. Construction Insurance are of several types and one of the most important type of construction insurance is CAR (Contractor’s All Risk) Policy. The CAR Insurance Policy is designed as a comprehensive insurance solution covering a wide spectrum of risks ranging from damage to property to third party damage and claims.