Definitions of Contractor's All Risks Policy Wordings

Followings are the definitions of some of the wordings appearing in the CAR policy:


Insured Parties
Can be The Owner/ The Principal/The Developer and The Main Contractor and Sub-Contractors


Insured Properties
The Works, Temporary Works, Temporary Buildings, Camp Sites, Electrical and Mechanical Plant including Contractor’s Plant and Machinery, Office Equipments, Materials on site etc

Contract Site
Means the lands and other places provided or approved by the principal/owner/developer, through which the project is to be executed

Contract Period
May be for few months (for small project) to years (for mega project). Initial period of Insurance given with further period subject to additional premium. Includes Defects Liability period of Insurance (after plant put into commercial operation)

Contract Value
Estimated at the outset for the whole contract period subject to adjustment

Third Party
Any Other Person (s) other than those related to or working for the above
 
Please refer to the CAR Policy wordings for more detailed information