Erection All Risks Insurance Policy

  • Buy Erection All Risks Insurance Policy in India

All  projects  involving  storage  of  equipment,  moving  or  expanding  a  facility,  or  dismantling  and  re-constructing it, leave your organisation open to significant risk. Erection   All   Risks   (EAR)   insurance policy offers   protection   to   principal   and   contractors and also  to manufacturers and suppliers erecting machinery and plant etc. against financial loss due to any sudden fortuitous and unforeseen causes resulting in loss or damage to the property insured at the project site whilst being stored, erected, tested and commissioned. Erection All Risks covers all  types of large and small projects  including erection  of Thermal  Power  stations,  Fertilizers  Plants,  Oil  refineries  or  the  installation  of  complete  factory  facilities, which bring about myriad of risks for both the contractors and the principal.

Scope of cover

  • This policy is typical “all risk” insurance for storage, assembly/erection, testing and commissioning of the following types of activities. Unless specifically excluded, it provides comprehensive cover for:
  • Setting up a new project/individual machines
  • Expansion of an existing project
  • Dismantling and re-erection of an existing facility
  • The interests of suppliers, manufacturers, contractors as well as Subcontractors can be included in the policy.
  • Cover begins from the time of unloading of the first consignment at the project site and terminates on completion of testing or handing over of the project to the principal, or the period chosen, whichever is earlier.

Major Exclusions

  • Loss discovered at time of taking inventory
  • Normal wear and tear; gradual deterioration due to atmospheric conditions or otherwise, rust
  • Scratching of painted or polished surface, breakage of glass
  • Loss or damage due to faulty design, defective material or casting and bad workmanship (limited to items immediately affected)
  • Damage to files, drawings, accounts and bills etc.
  • Contractor’s plant and machinery loss or damage by its own explosion/mechanical electrical breakdown/derangement
  • Loss or damage due to nuclear reaction, nuclear radiation or radioactive contamination

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