- Depending on the insured company’s choice, the CAR insurance policy can cover up to three different types of damage: material damage, civil liability of the builder and the loss of the anticipated profit.
Material damage which occurred in relation to:
- Goods located on the premises of the construction site, mentioned in the insurance contract;
- Contracted building works, which can be temporary or permanent, along with all the incorporated materials, including: the value of the contract, materials/other goods made available by the beneficiary of the project, according to the annexed specification;
- Existing buildings, machinery/tools/equipment property of the beneficiary, according to the annexed specification;
- Machinery/installations/equipment of the constructor or subcontractors, according to the annexed specification;
- Necessary and reasonable expenses made in relation with the insured goods and generated by the occurrence of the insured events in order to limit the damage, save/conserve the insured goods, clean/remove the site rests, clear and clean the premises following the insured event; architect/engineering fees; emergency service intervention; overtime, nighttime work/legal holidays, express transportation of goods (materials / machinery / installations / equipment).
The civil liability of the insured company:
- Compensatory fees which the constructor is obliged to pay to the prejudiced person/s following the occurrence of the insured events;
- Legal fees supported by the prejudiced person towards fulfilling the legal formalities in order to oblige the policyholder to pay compensation, if the policyholder has been mandated to pay compensation by a definitive and irrevocable court order;
- Legal fees supported by the policyholder in the civil process, established by law or by the court, if the policyholder has been obliged to pay compensation.
Loss of anticipated profit:
- Within section III of the CAR policy, the policyholder/beneficiary will receive compensation in relation with the loss of effective gross profit supported as a result of turnover reduction and of additional expenses if the project or any part of it suffer damage covered by the Section I of the policy, causing perturbations of the workflow which result in delays in commencing the project or interruptions of the insured activity;
- The policy also includes the financial losses incurred by the bank (in favour of which the policy was licensed) as a result of a delay in finalising the project.