Project insurance provides 'All Risks' cover for loss or damage to the permanent and temporary works comprising the contract, including the materials, and all items used for or intended for incorporation within the contract, throughout various phases of the construction / erection, including testing.
Contractors’ all risks (CAR) insurance is a non-standard insurance policy which provides coverage for property damage and third-party injury or damage claims, the two primary types of risks on construction projects. Damage to property can include improper construction of structures, the damage that happens during a renovation, and damage to temporary work erected on-site.
Third parties including subcontractors may also become injured while working at the construction site. CAR insurance not only covers those associated risks but also bridges these two types of risks into a common policy designed to cover the gap between exclusions that would otherwise exist if using separate policies.
Erection All Risks (EAR) insurance policy covers loss or damage to projects that involves erection or installation of plant, machinery and equipment ranging from erection of a single machine to a large power plant. It protects a contractor or employer against physical loss or damage to the contract works, construction plant & equipment or machinery.
It also includes cover for damage to property of third parties and bodily injury to third parties.
Professional indemnity insurance, often referred to as professional liability insurance or PI insurance, covers legal costs and expenses incurred in your defence, as well as any damages or costs that may be awarded, if you are alleged to have provided inadequate advice, services or designs that cause your client to lose money.
Advance loss of profit (ALOP) insurance provides coverage for financial losses due to delays in construction and infrastructure projects.
ALOP will also provide a payout if companies face higher costs or lost profits when a project takes longer than expected to complete. ALOP is often called delayed completion coverage or delay in start-up (DSU) insurance as well.
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