What Is Cari In Construction?
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. Unforeseen circumstances can damage financial losses during construction or renovations. Project owners must ensure that their assets are protected by a well-designed CARI program.
COVERAGE OF THIS INSURANCE
Partners - Who is covered?
1. Project owner
2. General contractor
3. Subcontractors
4. Funding for Parties
Plan - What Does It Include?
1. Building Materials
2. Temporary works
3. Goods supplied by the owner
Option to insure plant and contractors' equipment separately.
Risks - Against What Events?
Fire, hurricane, flood, earthquake, water damage, construction accident, and neglect
1. Loss or damage to property.
2. Accidental bodily injury and third-party liability and Damage to property
The Covering Period - When?
1. During construction, including the warranty and maintenance period
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