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what is CAR Policy

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ravinder singh rawat

ravinder singh rawat (Querist)
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02 September 2008 Dear experts please tell me in detail whats is CAr policy.
why we use car policy in business.

CMA Jitendra Singh

CMA Jitendra Singh (Expert)
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03 September 2008 CAR policy is Contractors All Risk Policy(CAR).Its coverage is civil construction projects, such as residential / commercial buildings, theatres, factory sheds, warehouses, roads, bridges, dams, reservoirs, tunnels, oil / gas pipelines, water / sewage disposal works, etc.

Under it ,Perils covered are Fire & Allied Perils Flood, Storm, Tempest, Cyclone Earthquake, Fire & Shock Collapse
Water Damage for Wet Risks .The Sum Insured shall include landed cost at site of imported / indigenous materials, construction cost (including visits of specialists / experts, supervision charges). It is the completely erected value of property inclusive of freights, custom duty, erection cost adjusted to fluctuations in wages / prices.

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