When was contractors all risks Munich Reinsurance policy wording issued the first time?
The Contractors’ All Risks (CAR) policy wording was first introduced by Munich Re in the 1960s. Munich Re was one of the key pioneers in creating and developing the Contractors’ All Risks insurance, which covers a wide range of risks associated with construction projects, including damage to the works, third-party injury, and liability risks.
Over the years, the wording has evolved, but the original concept of the CAR policy was first brought to market by Munich Re during that period as a response to the growing complexity and scale of construction projects, and the need for a more comprehensive insurance product.
