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WHY ERECTION ALL RISKS INSURANCE PROTECTION ?
This Policy protects your financial investment in a project either as a Principal or as a Contractor. The policy can be taken by you as the Principal, Contractor, and Sub Contractor either individually or jointly.
WHAT THE POLICY COVERS ?
The policy offer covers at various stages of the projects including Storage, Erection, Testing, and Commissioning. This is a comprehensive policy to cover damage to your project arising from all unforeseen circumstances subject to certain named exclusions.
SCOPE OF COVER ?
It covers all physical losses and damages arising from:
Fire, Lightning, Theft, Burglary and House breaking
Impact from falling objects, collision, failures of cranes or tackles etc.
Testing & commissioning risks:-
Failures of safety devices, leakage of electricity, insulation failures, short circuit, explosion (Applicable to EAR Policy only).
Acts of God:-
Storm, tempest, hurricane, flood, inundation, subsidence, landslide, rockslide and earthquake.
What the Policy does not cover?
Your policy does not provide coverage for loss or damage resulting from
War and Nuclear group of perils
Willful Act/ Negligence
Normal Wear and Tear, Gradual Deterioration, Rust
Aesthetic Defects, Scratching of Painted or Polished surface, Breakage of Glass
Loss or Damage due to Faulty Design, Defective Material or Casting and bad Workmanship (limited to items immediately affected)
Damage to files, drawings, accounts, bills and currency
Cost of rectification or correction of any error during erection not resulting in physical loss or damage
Penalties for non-fulfilment of contractual obligations
Cessation of Work – Partial or Total
Policy Excess – This is the first amount of any claim that you have to bear
Please read the policy for complete list of exclusions.
WHAT CAN BE COVERED ON PAYMENT OF ADDITIONAL PREMIUM ?
You may extend your policy by paying additional premium. Major optional extensions available are
Express Freight, Holiday and Overtime Wages
Additional Customs Duty
Contractors Plant & Machinery up to specified limits
Storage Risk at Fabricators Premises
Clearance and Removal of Debris
Third Party Liability
Owner’s Surrounding Property
Note:The details furnished above are only a summary of product features and do not describe the entire terms, conditions and exclusions of the Policy. For further details or clarifications on the Policy, please refer policy wordings attached.
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