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PROJECT INSURANCE

Contractors All Risk

covers the risks associated with construction works, hence, there are so many sections on the policy. It provides compensation for loss or damage to the contract or legal liability arising therefrom. The major sections of the policy are: – Contract works, – Plant and machinery, – Debris removal, – Professional fees, – Public liability

Erection All Risk

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.

Electronic Equipment

Covers unforeseen and sudden physical loss or damage from fire and allied perils, breakdown, short circuiting etc. to Electronic Equipment such as Computers, Medical, Bio-Medical, Micro Processors, Audio-visual equipment etc. whether the items are at work or at rest, or being dismantled for the purpose of cleaning, overhauling or of being shifted within the premises, or during subsequent re- erection.

Contractors Plant and Machinery

covers all external damage done to a contractor’s machinery that is not specifically excluded by the policy. This includes accidents not due to gross negligence and acts of God, such as falling trees or storm damage. The payments cover the cost to repair or replace the affected machinery, which is covered at work or rest, while on any job site owned by a third party and even when dismantled or reassembled for maintenance. The policy can be taken by any one of the following parties, either individually or jointly:-
  • The owner of the machine
  • The contractor / user of the construction machinery
  • The financial institutes who have an interest in the construction machinery.