Erection All Risks
Engineering Erection All Risks
Erection All Risks Insurance [EAR]. The basic concept of this cover is to offer comprehensive and adequate protection against all the site risks involved erection of machinery and plant as well as steel structures of any kind.
Erection All Risks Insurance has two sections providing coverage as under:
Section-1 Physical Loss or Damage: This Section provides coverage for losses and / or damages to materials and erection works owned by principals and contractors / subcontractors against
Accidental damage during construction
Water damage, flood, storm and tempest
Collapse, collision, impact, burglary, theft and malicious damage, aircraft
Breakdown or explosion to any part of the contract
Consequent Damages due to defects in material casting, workmanship & design Riot, Strike, subsidence, landslide, cyclone, hurricane, earthquake, volcano.
Section- 2 Third Party Legal Liability: This section provides indemnity to third party due to the Legal liability of the insured [subject to the limits under the policy] resulting from negligence of the insured or his employees causing:
Accidental bodily injury &/or death to third parties(Not members of the insured's family or their employees),accidental damage to Property (excluding Property belonging to or in the custody or under the control of the Insured, his family members or his employees), and Legal expenses for defending any proceedings with Insurer's consent.
Maintenance Period Risks: After the Erection works, including testing and commissioning, covered under the EAR policy is completed, maintenance period cover comes to effect. During this period the cover is against any loss &/or damage that occurs in the course of the compliance with the maintenance obligation under the contract insured/contractor's provided the cause of such loss or damage originated during the period of insurance.
Premium is charged on the total erection value of the contract and is based on factors such as nature, location of project site, period of erection, experience of the erectors etc.
For further details, please call us on our telephone or ask for a call back.