The Contractor shall assume full responsibility for the Works from the time project construction commenced up to final acceptance by the Procuring Entity and shall be held responsible for any damage or destruction of the Works except those occasioned by force majeure. The Contractor shall be fully responsible for the safety, protection, security, and convenience of his personnel, third parties, and the public at large, as well as the Works, Equipment, installation, and the like to be affected by his construction work.
• Material damage to work under construction
• Damage and loss to contractor's plant, machinery and equipment
• Accidental loss or damage to third party property and/or bodily injury arising in connection with the contract work.
The policy also provides coverage for the maintenance period.
The Erection All Risk policy is specially designed to cover loss or damage to projects that involves erection/installation of plant, machinery and equipment ranging from erection of a single machine to a large power plant.
his is an "All Risk" policy covering various activities of erection/installation, testing and commissioning of plant and equipments (except specific exclusions as mentioned in the policy). It protects a contractor or employer against physical loss or damage to the contract works, construction plant and equipment or machinary. It also includes cover for damage to property of third parties and bodily damage to third parties.
The policy can be taken out in the joint names of the contractor and the employer. This policy enables the Contractor or Employer to comply with the insurance requirements of the Contract.
• Material damage to erection work
• Damage and loss to plant, machinery and equipment
• Accidental loss or damage to third party property and/or bodily injury arising in connection with the erection work.
This policy is important for Insured who operates fully automated production plants . This cover is important as a single machine failure at a crucial time may have serious financial and economic consequences.
This insurance provides cover for sudden and unforeseen physical loss or damage to the insured machinery whilst in operation from causes not specifically excluded. Machinery will only be insured after successful completion of it's performance acceptance test.
The policy covers loss of Gross Profit following an indemnifiable accident (the cover usually follows that of the machinery breakdown policy) and is measured on the reduction in turnover compared to the same period in the last twelve months and applying the Rate of Gross Profit. Cover also extends to include Additional Expenditure reasonably incurred to minimise the loss of Gross Profit.
It is designed to cover loss or damage as a result of explosion or collapse of boilers and other pressure vessels caused by the force of internal steam or fluid pressure. Apart from damage to the boilers and pressure vessels, the policy also covers for damage to surrounding property and legal liability of the Insured for any death, bodily injury or damage to third party properties.
The Policy covers the Insured against:
Damage (other than by fire) to the boiler or pressure vessel and to other property of the Insured.
Liability of the Insured at law for damage to property not belonging to the Insured.
Liability of the Insured at law on account of fatal or nonfatal injuries to a person other than the Insured's own employees or workmen or members of the Insured's family caused by and solely due to explosion or collapse of any boiler or pressure vessel described in the Policy whilst in the course of ordinary working.