All contractors have risks
This policy is designed to protect the interests of contractors and managers in connection with civil engineering projects, such as buildings, bridges, tunnels, etc. The policy provides 'all risks' coverage. All risks not specifically excluded are covered. This means that almost any sudden and unexpected loss or damage during the insurance period of the insured property is compensated at the construction site.
This insurance provides comprehensive protection against loss or damage in connection with contract work, construction plant and equipment and/or construction machinery and also third party claims in respect of property damage or bodily injury arising in connection with the performance of the contract.
A CAR policy may be implemented by the parties involved in the project but primarily by the principal or by the joint contractor for the work and generally includes all subcontractors. Cover commences at inception and ends upon delivery of the completed project or delivery or commissioning of any completed portion.
The policy requires that the sum insured be equal to the full estimated value of the contract work including materials, wages, construction costs, freight, customs duties and items provided by the principal. If the amount insured is less than the amount required to be insured, insurance companies apply the average to the extent stipulated by the insurance.
Erections all risk
All Installation Risk (EAR) is designed to cover the risk of loss arising from the erection and installation of machinery, plant and steel structures, including physical damage to contract work, equipment and machinery.
During the installation and installation of machines, the risk of property damage is high. The EAR also covers bodily injury and property damage from third party liability resulting from these operations. Insured parties include the general contractor, subcontractors and, in some cases, equipment suppliers and manufacturers.
Coverage is the same under C.A.R. Policy. The sum insured shall be the entire built-up value of the property including freight etc. and the cost of construction. Average is applied if there is lockout.
Meltdown machines
Machinery Breakdowns are designed to provide cover for machinery against any unforeseen and sudden physical loss or damage necessitating its repair or replacement by causes such as defects in casting and materials, faulty design, malfunctions in the workshop or in erection, poor workmanship, lack of skill, negligence, lack of water in boilers , physical explosion, electrical causes such as short circuit.
The sum insured shall always be equal to the costs of replacing the insured machinery with new machinery of the same type at the same location (value of the new item plus customs duties plus transportation and installation charges).
Plant and machinery contractor
This insurance provides coverage for construction machinery and equipment used by the contractor within the work site, whether such items are in working order, at rest, taken apart for cleaning or repair, in the course of the above operation, or in the course of re-erection after a test run. Successful, against any unforeseen and sudden physical loss or damage from any cause including electrical or mechanical failure except those specifically excluded under the terms of the policy. Compensation under the policy is for replacement or repair.
The sum insured shall always be equal to the costs of replacing the insured machinery with new machinery of the same type at the same location (new item value plus customs duties plus transportation).
electronic equipment
An electronic equipment insurance policy covers sudden or accidental loss or damage to all types of computer equipment including microprocessors, word processors, communications tools, electrical data processing systems, medical equipment, film and television studio equipment, electronic boards and all other electronic systems and assemblies.
The sum insured should always be the replacement value of the insured electronic equipment (the value of the new item plus customs duties, transportation and installation fees).
Boilers and pressure vessels
Boiler insurance is designed to provide compensation for loss or damage to boilers resulting in explosion and breakdown due to overpressure, failure of safety valves, defective manufacturing, defective materials and faulty design. The policy covers damage to pressure vessels, damage to pressure vessel contents, damage to property surrounding the insured, and damage to property belonging to third parties.
inventory deterioration
The stock deterioration policy provides coverage against loss resulting from deterioration, purification or contamination of goods placed in cold storage, which may arise due to overheating in cold rooms due to breakdown of refrigeration machinery.