The basic concept of this cover is to offer comprehensive and adequate protection against loss or damage in respect of the contract works, construction plant and/or bodily injury arising in connection with the execution of a building project. This policy also provides indemnity to third party due to the legal liability of the insured resulting from negligence of the insured up to an agreed limit(s) for Accidental bodily injury &/or death to third parties, accidental damage to Property (excluding Property belonging to or in the custody or under the control of the Insured, and legal expenses for defending any proceedings with company's consent.
• Maintenance |
Maintenance Period Cover protects the insured's against any loss damage &/or that occurs in the course of the compliance with the maintenance obligation under thecontract subject to the cause of such loss or damage having originated during the period of insurance , third party personal injury &/or third party property damage. |
ERECTION ALL RISK (EAR) INSURANCE
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. This policy also 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 depending any proceeding with Insurer's consent.
• Maintenance |
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/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. |
PLANT & MACHINERY INSURANCE
Contractor's Plant & Machinery (CPM). It is designed to provide insurance protection and peace of mind for contractors, and the construction industry, against a range of risks. Our insurance delivers financial protection against events of any cause whatsoever occurring at work, at rest or during maintenance operations, and is not limited to a specific construction site.
There are difference types of Construction Plant & Machinery that are usually out into operation at the construction of Erection site. The Plants, Equipment & Machinery are exposed to a number of risk exist in addition to the exposure to natural calamities. Such machinery & Plants include shovels, excavators, rollers and dumpers amongst others.
Contractor's Plant & Machinery cover against any unforeseen and sudden physical loss of damage from any cause including electrical or mechanical breakdown but except those specifically excluded under the terms of the policy. The indemnity under the policy is for replacement or repair, can be extended to covers the third party liability in the worksite too.