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-I 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
• Fire, Lightning
• 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- II Third Party Legal Liability:
This section provides indemnity to third party due to the Legal liability of the insured resulting from negligence of the insured or his employees causing:
Accidental bodily injury &/or death to third party, accidental damage to Property belongs to third parties, and Legal expenses for defending any proceedings with Insurer’s consent.
Premium rating is based on the total erection value of the contract, nature and type of erection works, location of the project site, period of erection, experience of the erectors etc.; and a completed proposal form.
For further details on the Policy coverage, terms and conditions; you may please contact our technical team.