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The salient features in respect of the above Insurance are given hereunder:-
1.Erection All Risks Insurance:
The Erection All Risks Policy provides a very wide coverage and indemnifies the Insured
against accidental and unforeseen loss occurring to the property on the Erection Site
during the period of insurance. Normally the following risks are covered under the
Erection Policy :-
-Fire including fire fighting operations, lightning, explosion, Aircraft damage.
-Flood and inundation, Cyclone, Earthquake, Subsidence,
landslide/Rock slide,
-Theft, Burglary, Riot and Strike, Malicious damage,
-Negligence, lack of skill,
-Collision, impact, dropping and similar accident on site.
In addition, the following supplementary covers may be
included :-
-Construction Machinery, Plant and Equipment required for
Erection work.
-Cost incurred in clearance and removal of debris following
a loss.
-Damage to property located at site belonging to the
insured.
Additional expenses incurred for overtime works on public
holidays as well as
for extra freight in connection with a loss indemnifiable
under the policy.
-Legal liability for property damage or bodily injury
suffered by 3rd party by accident at the Erection site or connected with the Erection Work
being carried on.
-Cover during the maintenance period stipulated in the
Contract Condition.
2. Marine-Cum-Erection
Insurance:
The cover commences right from the time the Machinery leaves the manufacturer’s
warehouse abroad and remains in force during the voyage and Transit to the site of
erection, during storage at site and terminates on completion of erection and testing. The
marine cover is against All Risks of physical loss or damage and the erection cover is as
per EAR policy above.
3.Contractor’s All Risks Insurance:
The standard Contractor’s All Risks Policy covers the contract works against damage
from a variety of causes including:-
-Fire, Lightning, explosion.
-Burglary, theft & riot and strike, malicious damage.
-Earthquake, flood, inundation, subsidence, landslide and
rockslide.
-Storm, tempest, hurricane, cyclone or tornado.
-Accidental damage during construction e.g. due to faulty
manipulation, dropping
or falling, collapse, collision and impact.
-Loss or damage consequent upon use of faulty materials and
workmanship.
-Maintenance cover for a period of 12 months.
- Third Party Personal injury and property damage risk upon
a limit of indemnity
as may be selected by the insured.
The rating structure of Contractor's All Risks insurance
depends on many factors such as:-
-Total contract value and type of Project
-Past experience of the Contractor.
-Accessibility of the site.
-Damage of flood, earthquake, landslide, rockslide,
inundation and explosion to
storm, tempest or heavy monsoon.
-Handling and storage facilities.
When the period of cover exceeds 12 months (excluding
maintenance period) the facility for installment of' premium is available.
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