Contractors All Risks insurance protects against damages and losses in relation to the operations undertaken at the construction site and third party liability claims for bodily injury and property damage arising in direct connection with the development of the covered project. Apart from the building structure the policy covers the damage to the materials and equipment that will be incorporated into the project including the items in storage and in transit to the site. In general, the covered parties include the project owner, general contractor, subcontractors, and in some cases suppliers of materials and equipment. The duration of cover corresponds with the contract period which is stipulated in the Letter of Award.