Do you need CAR or Construction & Installation insurance? Crefin & Partners: your independent insurance advisor helps you insure your projects.
Are you working on a construction project or performing installation work? Then, naturally, you do not want to face unexpected costs due to damage during the work. With CAR or Construction & Installation insurance, you protect yourself against financial risks during a project. At Crefin & Partners, we are happy to help you find insurance that suits your work and projects.
What is CAR or Construction & Installation Insurance?
CAR stands for Construction All Risk. This insurance provides coverage for damage that occurs during construction, renovation, or assembly work. A CAR or Construction & Assembly insurance policy is of interest to, among others: contractors, installers, assembly companies, project developers, self-employed professionals in the construction industry, and subcontractors. In some cases, private individuals having a major renovation carried out themselves can also take out CAR insurance.
What can you cover with a CAR or Construction & Installation insurance?
Consider, for example: damage to the structure, errors during execution, storm or fire damage, theft of construction materials, and damage during assembly work. With CAR insurance, you prevent unexpected events from having major financial consequences for your company or project.
CAR stands for Construction All Risk. It is an insurance policy that covers damage during construction and assembly work.
Is CAR insurance mandatory?
No, usually not. However, this insurance is often made mandatory by clients or strongly recommended for larger projects.
What damage is usually covered?
Consider damage caused by fire, storm, vandalism, theft, execution errors, or damage during construction or assembly.
Are tools and materials also insured?
That is possible. Depending on the policy, building materials, tools, and installations can be included in the coverage.
Does the insurance also cover subcontractors?
With many CAR insurance policies, subcontractors can also be included. This depends on the chosen coverage and policy conditions.
How long does a CAR insurance policy last?
Usually, the insurance runs for the duration of the construction or assembly project. Sometimes, a maintenance period after completion is also included. It is also possible to have continuous CAR insurance, so that you do not have to take out a policy for each individual project.
How much does CAR insurance cost on average?
The costs vary per project and depend on factors such as the project value, the scope of work, and the desired coverage. The premium is often negligible compared to the total amount of a project and is therefore (given the risks if a project goes wrong) not an unwise choice. We will provide you with a targeted price based on your specific situation.
Can Crefin & Partners help compare policies?
Yes. We independently compare various providers and help you choose a CAR or Construction & Installation insurance policy that aligns well with your project and activities.
