The construction risk insurance (CAR) covers the risk of physical loss or damage to the works contracted during the course of construction. Formerly known as the "insurance of all risks of contractors", a more appropriate term now is the "all risks insurance" of construction, since it is now commonly purchased by owners and contractors. It can also be extended to cover other types of properties during the project, including temporary works, existing structures, temporary buildings and structures, construction facilities and equipment, permanent premises temporarily occupied as site accommodation and tools and equipment.