Erection All Risk Insurance

The Erection All Risks policy is a comprehensive insurance, which provides complete protection against all types of risks associated with erection, testing, commissioning of machinery, plant and equipment during constructional stage.

Erection All Risks Insurance embraces a wide variety of plant and machinery at all levels of complexity, ranging from the relatively straight forward positioning and connecting up of single manufactured items of equipment such as small pumps or electric motors to complete major industrial complex such as a large power station or manufacturing facility.

Duration

The cover starts from the time of arrival of first consignment at site, normal storage and thereafter during erection, testing, commissioning until the plant is successfully commissioned and handed over.

SCOPE

Insurance is on an 'all-risks' basis and in particular includes

  • Fire, lightning, explosion, aircraft damage
  • Riot, strike, malicious acts
  • Flood, inundation, storm, cyclone and allied perils
  • Landslide, subsidence and rockslide
  • Burglary and theft
  • Faults in erection
  • Human errors, negligence
  • Short circuiting, arcing, excess voltage
  • Electrical and mechanical breakdown
  • Collapse, damage due to foreign objects, impact damages
  • Any other sudden, unforeseen, accidental damages not explicitly excluded
SUM INSURED

The Sum Insured for the insurance should not be less than the Completely erected value of the property inclusive of freight, customs duty and erection cost. Basically, insurance should be for the contract price.

EXCLUSION

Some of the major exclusions under the policy are

  • War Invasion
  • Nuclear Reaction Nuclear Radiation or Radioactive Contamination
  • Insured's Contribution - Deductible
  • Willful Act or Willful Negligence of the Insured
  • Cessation of Work
  • Defective Material or Bad workmanship
  • Wear Tear Corrosion Oxidation Deterioration
  • Breakage of Glass
  • Disappearance or Shortage (Inventory Losses)
  • Design Defects
  • Loss of files, drawings, cash, cheques etc,.
  • Consequential Loss
  • Terrorism

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Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged.

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s.

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

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