ERECTION ALL RISK INSURANCE
Scope of Cover
This policy is typical” all risk” insurance for storage, assembly / erection, testing and commissioning of the following types of activities. Unless specifically excluded, it provides comprehensive cover for:
- Setting up a new project / individual machines
- Expansion of an existing project
- Dismantling and re-erection of an existing facility
The interests of suppliers, manufacturers, contractors as well as subcontractors can be included in the policy. Cover begins from the time of unloading of the first consignment at the project site and terminates on completion of testing or handing over of the project to the principal, or the period chosen, whichever is earlier.
Main Extensions
The policy can be extended on payment of an additional premium to cover:
- Earthquake
- Escalation
- Limited maintenance cover
- Extended maintenance cover
- Clearance and removal of debris
- Damage to owner’s surrounding property
- Third party liability
- Cross liability
- Express freight, holiday and overtime rates of wages
- Contractor’s plant and machinery
When this policy is combined with transit insurance (either inland or overseas) for project materials, the same is referred to as Marine-cum-Erection policy.
CONTRACTOR'S PLANT AND MACHINERY INSURANCE
Scope of Cover
The policy broadly covers loss or damage to the contractor’s construction mobile equipment such as bulldozers, cranes, excavators, compressors ,etc, due to an accident arising out of external perils. The cover is operative while the insured property is at work or at rest, or being dismantled for the purpose of cleaning or overhauling, or during subsequent re-erection.
Main Extensions
- Earthquake
- Escalation
- Clearance and removal of debris
- Damage to owner’s surrounding property
- Third party liability
- Express freight (excluding air freight), overtime and holiday rates of wages
- Air freight
- Additional customs duty
ELECTRONIC EQUIPMENT INSURANCE
Scope of Cover
The policy provides comprehensive coverage for your electronic equipment .it includes physical loss or damage to all electronic equipment, as well as the increased cost of working resulting from an accidental and unforeseen physical loss or damage to the electronic equipment.
Main Extensions
For a nominal additional premium, the policy can be extended to cover risk of:
- Theft, and
- Mobile/ portable equipment
MACHINERY BREAKDOWN INSURANCE
Scope of Cover
The policy broadly covers loss due to all kind of accidental, electrical and mechanical breakdowns as a result of internal causes. You are covered during the time the machinery is in operation or at rest or in the process of being dismantled, overhauled or during subsequent re-erection at the same premises. If specifically requested, you can also cover the machinery foundations, masonry, brickwork as well as oil in transformers from unforeseen and sudden physical loss or damage, other than specified excluded perils and forms of damage.
Main Extensions
- Air freight
- Express freight (excluding air freight), overtime and holiday wages
- Insured’s own surrounding property
- Third party liability
LOSS OF PROFIT FOLLOWING MACHINER BREAKDOWN
Scope of Cover
Loss of Profits following Machinery Breakdown Policy protects the insured by indemnifying the loss in gross profits and the increased cost of working during the interruption period in such contingencies as stated above. The Machinery Loss of Profits Policy can only be issued when the machinery breakdown is in place.
Main Extensions
For a nominal additional premium, the policy can be extended to cover the risk of Contingent Business Interruption.
BOILER AND PRESSURE VESSEL INSURANCE
Scope of Cover
The Boiler and Pressure Vessel policy covers boilers of various kinds, pressure plants and vessels under pressure, including fired and unfired, against loss and /or damage due to explosion or collapse.
Additional Cover
- Damage to the owner’s existing surrounding property
- Damage to third party property and/or personal injury
- Express freight (excl. air freight), overtime and holiday rates of wages
- Air freight
- Additional customs duty
- Escalation
