Contractors All Risks construction insurance: What does it cover?

All Risks construction insurance

Contractors All Risks construction insurance: What does it cover?

Contractors All Risks construction insurance: What does it cover?

Why take out Contractors All Risks construction insurance (CAR)?

The purpose of All Risks construction insurance (CAR) is to cover material damage occurring on the construction project (example: fire, landslide, incorrect operation of a machine, etc.)

The policyholder is generally the promoter, the main contractor or the private or professional client. Banks are also very susceptible by taking out this insurance since they can be indirectly affected by the damage suffered by the work, constituting their main and often only guarantee for the recovery of their credits. These entities are normally listed as beneficiaries of these contracts.

It is a temporary insurance and will cover all accidental damage occurring on the site.

What are the main guarantees?

The insurance will cover any damage to construction if the damage or material loss produced is a direct consequence of an accidental and unforeseeable cause.

For example, the main guarantees are:

  • Conventional risks: fire, explosion, lightning, theft, collisions, shocks, etc.
  • Natural hazards: Wind, hail, rain, snow, frost, storm, flood, overflows, subsidence, landslides, landslides, earthquakes, etc.
  • Specific risks inherent in execution: human errors, material faults, execution faults, etc.

What would be the sum insured ?

completion of the work. Therefore, it is not necessary to be guided by neither the value indicated in the project (in some cases lower) or the selling value (higher if the land and operating profits are included).

The insurance policy should be taken out before work has started or if it has just started.

What information do I need to receive an insurance quote?

  • Nature of the work
  • Quote
  • Works duration

If the work affects the structure, the Project of construction “memoria de obras” will be necessary.

If you do not have an All Risks construction insurance, do not hesitate to ask us for a comparison of the best insurance here

As you can see, insurances for construction are a little bit complicated. Julia Jannin, Managing Director of Inov Expat is an expert. If you have any questions, please do not hesitate to contact her directly by phone on +34 93 268 87 42 or through WhatsApp on +34 627 627 880 or by email: [email protected]

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Inov Expat : Who are we?

INOV Expat is an insurance brokerage firm aimed at expatriates in Spain and Portugal

INOV Expat is right there to help you: giving you the best advice on insurance, in English!

In fact, after 14 years, INOV Expat, an insurance brokerage firm, specialises in insurance for French and English-speaking expatriates in Spain and Portugal, at their destinations. As insurance professionals, we’ve signed partnership agreements with the best insurance companies in the market. All INOV Expat consultants are expatriates who will be able to advise you best in the language of your choice (English, French, Russian, Spanish, Portuguese…)

Ask you free quote online : car, health, home, life, travel, others. Look at our website or contact us by e-mail at [email protected], by telephone at + or whatsApp +34.627.627.880


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