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Erection All Risk |
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| Erection All Risk |
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| Scope of Cover |
| Comprehensive and adequate
insurance protection against all risks involved in the
erection of machinery and plant as well as structures
of any kind. This policy provides coverage to all types
of projects including large projects such as erection
of Thermal Power stations, Fertilizers Plants, Oil refineries
or the installation of complete factory facilities, which
bring about so many risks for both the contractors and
the principal. |
| Coverage Includes |
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Fire, Lightning |
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Theft & Burglary |
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Impact from falling objects, Collision,
Failure of cranes or tackles |
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Failure of safety devices, Short Circuits
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Explosion |
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Carelessness, Negligence, Faults in
erection, Malicious Damage, Strike & Riots |
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Storm, Tempest, Hurricane, Flood,
Inundation, Subsidence, Landslide, Rockslide |
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| Sum Insured |
| Sum to be insured is the
completely erected value of the plant and machinery inclusive
of freight, custom duty and cost of erection |
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| Premium |
| Premium depends on type,
value, and duration of the project and the period of testing. |
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| Main Extension |
| Policy
can be extended on payment of additional premium
to cover: |
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Escalation |
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Maintenance |
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Clearance and Removal of Debris |
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Damage to Owner’s Surrounding
Property |
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Third Party Liability |
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Additional Customs Duty |
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Express Freight |
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Holiday and Overtime rates and Wages |
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| General Exclusions |
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Loss or damage due to
Faulty design, Defective material of casting, and/or
bad workmanship. |
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Manufacturing defects |
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Loss or damage due to Mechanical and/or
Electrical breakdown or derangement |
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Loss or damage due to willful act
or willful negligence |
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Consequential loss |
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Loss or damage due to War or Warlike
operations |
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Loss or damage due to nuclear reaction,
Nuclear radiation or Radioactive contamination |
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Losses due to normal wear and tear,
Gradual deterioration |
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Compulsory deductible |
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Premium Calculation