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Erection all Risk Insurance

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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.

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    erection all risks insurance policy - vector image of house with 3 people holding icons

    SCOPE OF COVER ?

    It covers all physical losses and damages arising from:

    Location Risks:-

    Fire, Lightning, Theft, Burglary and House breaking

    Handling Risks:-

    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
      • Inventory Losses
      • 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
      • Consequential Losses
      • 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

    • Air Freight
    • Express Freight, Holiday and Overtime Wages
    • Additional Customs Duty
    • Escalation
    • Contractors Plant & Machinery up to specified limits
    • Storage Risk at Fabricators Premises
    • Clearance and Removal of Debris
    • Terrorism
    • Third Party Liability
    • Cross 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.