CONTRUCTION ALL RISKS (CAR) INSURANCE
- OVERVIEW
- INSURANCE COVERAGE
- EXCLUSION
- PRODUCT DOCUMENT
- CLAIMS GUIDELINE
- OTHER PRODUCTS
Contruction All Risks (CAR) insurance
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
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See detailcontact us for more information
or call the Hotline 1900 8110
