Erection All Risk
The Erection All Risk policy is specially designed to cover loss or damage to projects that involves erection/installation of plant, machinery and equipment ranging from erection of a single machine to a large power plant.
This is an "All Risk" policy covering various activities of erection/installation, testing and commissioning of plant and equipments (except specific exclusions as mentioned in the policy).
It protects a contractor or employer against physical loss or damage to the contract works, construction plant and equipment or machinery. It also includes cover for damage to property of third parties and bodily damage to third parties.
This policy is designed to insure all types of erection projects against wide range of risks related to or borne by a project execution including Cold and Hot Testing and maintenance period(s) if any.
- 1. Erection works - inclusive of all items to be erected and cost of erection, Freight, Customs Duties and Dues.
- 2. Civil Engineering Work.
- 3. Legal liability toward third parties – Compensate third parties for property damage and bodily injuries arising from an accident which the insured (contractor "s") is held legally liable for.