..:: Contruction All Risks (CAR) insurance ::..

CONTRUCTION ALL RISKS (CAR) INSURANCE

OVERVIEW
INSURANCE COVERAGE
EXCLUSION
PRODUCT DOCUMENT
CLAIMS GUIDELINE
OTHER PRODUCTS

product overview

CAR insurance is a comprehensive product designed to cover for the Insured against all risks in relation to their construction projects. The Policyholder/Insured can be the project owner as well as contractors/sub-contractors of all tiers.
Also, CAR insurance of TMIV is a solution to help you comply with compulsory insurance regulation for construction investment activities as stipulated in Law No. 50/2014/QH13 on construction, Decree No. 119/2015/ND-CP and Circular No. 329/2016/TT-BTC on compulsory insurance for construction investment activities.

INSURANCE COVERAGE

main coverage

Main Coverage:

- Section I covers for material damage to the construction works;
- Section II covers for third party’s property damage and/or bodily injury.

Key perils covered by CAR insurance can be:

Fire, explosion
Natural hazards: storm, flood, earthquake…
Collapse of permanent and/or temporary structures
Collision with external objects
Bodily injury or illness of third parties caused by the construction works

extended coverage

Coverage may also be extended at the policyholder’s request with approval given by TMIV:

Maintenance period
Off-site property
Extra charges
Inland transit
Existing property
Cross liability
Vibration, removal or weakening of support
Etc.

EXCLUSION

Some typical exclusions of CAR insurance are:

War, nuclear reaction etc
Consequential loss
Replacement, repair or rectification of defective material and/or workmanship
Wear and tear
Mechanical/electrical breakdown
Others as specified in the policy

INSURANCE PREMIUM

Insurance premiums are determined based on risk assessment and specific insurance pricing principles of the product. For detailed advice and appropriate quotes, please contact Tokio Marine Insurance Vietnam Co. directly.