Contractors' All Risks (CAR) insurance is a non-standard insurance policy that provides coverage for property damage and third-party injury or damage claims which are the two primary types of risks that construction projects face.

Anybody venturing in a construction project needs Contractors' All Risks (CAR) insurance due to reasons explained below:

1. Provides Security

Construction projects are massive, and they include big numbers, so, any loss or damage to the property may result in some enormous losses. This cover helps in providing the financial security in case something goes wrong.

2. Reduces Construction Risks

At the construction site, huge processes are employed, and even a slight act of negligence can bring the entire project to a standstill. With this cover, the contractor & employees are protected.

3. Helps in recovery following natural calamities

The construction all-risk insurance policy helps the builder & the contractors to replace their buildings & inventories in the event of major catastrophes like earthquakes.

4. Business Continuity

Having a construction all risk insurance policy helps in providing the financial supports and reducing uncertainties in business and human life.

Feel free to see a list of licensed Non-life Insurance providers here - https://uia.co.ug/non-life-companies for Contractors' all Risks (CAR) insurance.