Construction is full of risks and despite our commitment to safety and national WorkSafe, accidents may happen that disrupt operations, damage properties and cause bodily harm to workers or bystanders.
Be it for simple renovation projects such as home renovation, retail shop renovation, commercial A&A (or Additional and Alternations) or large construction such as building a house, bungalow or standalone warehouse, etc, contractors-all-risk is important for all construction-related businesses.
What is contractors all risk policies or CAR?
Contractors All Risk coverage, otherwise known as CAR in Singapore covers for damage to property, third parties injuries and damage claims. These are usually the expensive damages that one needs to protect ourselves from. A minor work mistake or accident can trigger expensive damages to the property or neighbouring’s parties.
Who needs contractors-all-risk insurance?
You definitely need contractors-all-risk coverage If you are a contractor such as
- renovation ID or contractor
- engineering or construction firm
- home-owners or building owners planning on reno or A&A works
How much time is needed to get a quote on contractors all risk?
In a very short time. In the older days, one will need a week or so to prepare for a cover letter so that the construction can start going. Now, professional brokers can do it in a few minutes if the project is not complicated; for more large construction projects, probably in less than a day for a full quote.
For those standardized renovation or construction project, there are also standalone package plans that is easy to get and no hassle to create quotes. Get these plans if your project is simple to save time, effort and money.