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ERECTION ALL RISK INSURANCE
Scope of Cover:
The Policy covers All Risk pertaining to Projects for Storage, Erection, Testing and Commissioning.
The Policy covers All Risk pertaining to Projects for Storage, Erection, Testing and Commissioning.
Significant Extensions:
Express Freight (Excluding Air Freight), holiday and overtime rates of wages.
Additional customs duty.
Testing period extension.
Contractor’s Plant and Machinery equipment upto sum insured of Rs. 25 lacs or 5% of EAR/SCE sum insured, whichever is lower.
Clearance and removal of debris.
Cross liability, Civil works, Surrounding Property coverage.
Escalation.
Earthquake.
Damages during maintenance period.
Third Party Liability.
Transit of project materials from suppliers to the site.
Exclusions:
Loss or damage due to faulty design, defective material or casting and bad workmanship.
Damage to Files, Drawings, Accounts and Bills.
Scratching of painted or polished surface, breakage of glasses, aesthetic defects.
War and nuclear perils.
Consequential losses.
Willful Act / negligence.
Loss discovered at the time of taking inventory.
Normal wear and tear. Gradual deterioration due to atmospheric conditions or otherwise, rust.
Penalties for non-fulfillment of contractual obligations.
Contractor’s plant and machinery loss or damage by its own explosion / mechanical & electrical breakdown.
Sum Insured:
The sum insured is the completely erected value of the plant and machinery, inclusive of freight, customs duty and cost of erection.
The sum insured is the completely erected value of the plant and machinery, inclusive of freight, customs duty and cost of erection.
In Case of Claim:
Inform the 24x7 Call Centre about your Policy details.
Get a Claim Registration No. while confirming the Policy details.
Appointment of Surveyor at the time of Claim Registration.
Fast settlement of claims after submission of all the relevant documents.
Next Steps
