Policies intended for contractors who normally undertake construction works of similar nature in sufficiently large numbers e.g., dwellings, apartments, residential units like row houses, bungalow, commercial buildings and the like. Effecting a separate CAR policy for each contract becomes administratively cumbersome and inconvenient to handle. Open covers are as such the most appropriate tools for both the insurers and the insureds. Such Open Covers or Floaters will usually be issued under Annual Policies on any of the two different basis viz.,