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Insurance & Reinsurance
The construction phase of any project carries with it considerable risk and expense, even more so when it is offshore. The Construction All Risks (CAR) wordings used in the offshore market have developed to take account of the particular risks associated with such projects and to ensure that all parties, including contractors and subcontractors, are adequately protected.
A CAR policy may range in scope from a single pipeline installation right through to the construction of a complete offshore field. For larger operators it is not uncommon for an annual CAR policy to be issued covering all construction activities performed in that period. Although such policies are written on an all risks basis, they are subject to a number of important exceptions. In addition, certain market practices have arisen which may not be clear from the wording itself.
Extensions of cover available to assureds: