Features & Benefits
Requirements:The foundation of a building may be laid with a single brick but it takes a long time and lot of work to finish erecting the whole structure. Besides construction of buildings, there may also be plants and machinery that need to be set up, installed, tested and commissioned.
From start to finish, the whole process of erecting a new structure can be very delicate with many possibilities of accidents damaging essential equipment. Our Erection All Risk policy protects you in the face of such risk for a variety of projects including manufacturing factories, power plants, water and wastewater treatment facilities, and telecommunications centres.
Benefits;
The Erection All Risks policy can cover all the different parties involved in the erection work, like contractors and financiers. This protects all parties against the risk of damage to the machinery being installed, not just during erection itself but also during storage, testing and commissioning. This policy’s cover can last until the project is completed and handed over to the owner or on a long term basis depending on the project plan and period.
Sum Insured:
The sum insured should be the total value of the project including buildings and plant and machinery after erection, along with freight charges, customs duty and the cost of erection itself.
Premium:
The amount of the premium you pay will depend on the type, value and duration of the project as well as the period of testing.
Eligibility
You can make use of this policy if you are involved in an erection project as a contractor, subcontractor, financier, or the purchaser or owner.
Main Inclusions
Our Erection All Risks policy will cover you on an ‘All Risk’ basis as the name suggests. This means it will protect you against sudden and unexpected physical loss or damage to your insured property. This policy includes accidents and natural perils like hurricanes both while the equipment is in storage and actively being installed, unless specifically excluded.
The coverage starts from the time the first consignment of machinery is unloaded at the project site and ends when the erection is completed or handed over to the purchaser or owner.
On paying an additional premium, you can extend the policy to cover the following risks:
•Escalation
•Maintenance
•Clearance and removal of debris
•Damage to the owner’s surrounding property
•Third party liability
•Additional customs duty
•Express freight
•Holiday and overtime rates and wages
•Earthquake
•Terrorism
It is possible to combine transit insurance (inland/overseas) on project materials with our Erection All Risks policy and opt for a single Marine-cum-Erection policy.
Main Exclusions
This policy has ‘named excluded perils’ which means there are specific risks that will not be covered. These risks are:
•War and nuclear events
•Wilful acts
•Work cessation
•Inventory losses
•Wear and tear
•Defective design
