CAR and EAR Insurance vs. Third Party Liability Insurance Cover With Respect to Property Damage

Description

This Skill Bit explains Construction All Risk (CAR) insurance, a policy commonly required in EPC contracts that covers damage or loss to projects during construction from various events, thus protecting customers from financial burdens. It also covers Erection All Risk (EAR) insurance, which safeguards contractors from financial losses due to physical damage to equipment during installation. Additionally, it highlights the key differences between EAR and third-party liability insurance, noting that EAR protects the insured’s equipment, while third-party liability covers damages or injuries to others.

Duration approx. 5 Min.

Tier: proficiency