Insurance market cycles have had an impact on insuring construction exposures, and globalization of the construction industry may expose the domestic underwriter to new types of insuring terms and conditions. This paper attempted to inform the US underwriter about one such exposure.
The first CAR policy can be traced to 1929 when it was used to cover the construction of the Lambeth Bridge in London. In the mid 1930's, German insurers created their own local version of the CAR policy. However, the real boom in construction coverage took place during the economic recovery after World War II.
While underwriter's attempted to introduce clear and unambiguous exclusionary wording, in practical application, it constantly gave rise to actual problematic claim settlement interpretation in the event of a loss.
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