For any kind of construction project, one person who is solely accountable for everything; from the safety on the site to meeting the deadlines is the contractor. Any kind of mishap, whether there has been an unfortunate accident at the site, any injury to any worker, injury to the third party or any damage to the property, he has to bear the entire pain and still complete the project on time. Any kind of financial disturbance can cause a significant loss and interrupt the construction. Thus, if you too are a contractor, it's important that you have the right kind of policy coverage that will help you sail through the tough times!
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There are many insurance companies, which offer various policy and covers. However, it's important that you opt for the right contractors all risk (CAR) policy cover. Remember a comprehensive insurance cover can help you face any kind of unexpected losses. And, before you decide to buy a CAR, it's also important that you have an overview of the entire product, which will help you make an informed decision. The most important fact that you should know is that CAR is an all-inclusive policy premeditated to cater the insurance needs of the builders, contractors and construction traders. The policy is designed to cover all the eventualities and risks to the business as well as to the individuals, thus, making it more useful.
It is also important for you to know about the types of risks, which are covered. Any construction project has two types of damages, which are covered - damages to the property and damages to the third party at the construction site. Property at the construction site can be something like the building under construction, machines, equipment, materials, employee tools, etc., which are either owned or leased. Any harm to such property due to constructional breakdown, theft, and equipment damage can cause major financial losses and might also interrupt the entire process. This is when CAR insurance comes for assistance. It covers all such damages and losses.
Along with this, loss from liability claims is also covered by these. Sometimes, the internal issues, proceedings filed against the contractor, either by the workers or by the third party for injury/death/damage caused to them, can create a lot of fiscal burden. Thus, if you take a good CAR, you will be adequately covered and would be able to meet all these hassles.
Remember that always approach the known and reputed company to buy contractors all risk policy. Policies like CAR are not fixed and terms and conditions can vary from one company to other. Thus, look for various options and then make the best buy!
Article Source: http://EzineArticles.com/7641839
