Contractor’s All Risks Insurance (CARI) Coverage
CARI insures buildings and programs against actual physical damage or destruction of work, including liability for equipment and machinery and third parties within the workplace. Coverage includes buildings, civil engineering projects, equipment, machinery, and third-party liability. It protects against risks during construction or renovation.
Elements Covered by CARI
What does CARI stand for? CARI is "contractor’s all risks insurance". It protects contractors, employers, subcontractors, financiers, and other parties involved in a construction project from various risks. CARI covers:
- Damage to structures, materials, equipment used on the project
- Damage to construction machinery like cranes and excavators
- Liability to third parties like workers, visitors, or neighbors injured or having property damaged by construction.
Some examples of reinforced concrete structures that fall under CARI include bridges, high-rise buildings, dams, and foundations.
Construction Industry Job Roles
Earthmoving equipment like excavators and bulldozers carry out digging, moving earth, repairing, constructing, elevating, agriculture, and demolition. Building surveyors visit buildings and construction sites to advise on construction, maintenance, or repair. They make reports detailing their advice. Visualizing a project’s design in real time with technologies like XYZ Reality can optimize construction at every stage by better ensuring quality standards are met.
Importance of CARI in Construction Projects
CARI is usually taken out jointly by the contractor and employer. Other parties can also be named as insureds like subcontractors, financiers, project managers, or consultants. This allows all parties to benefit from the coverage and file claims if needed. CARI is common for projects involving buildings, water tanks, treatment plants, flyovers, airports, or civil works like roads, bridges, railways, ports, dams, and irrigation projects.