Erection All Risks Policy

More Details

Scope of cover

• This policy covers risks associated with storage, assembly/erection and testing of Plant and Machinery. EAR insurance provides comprehensive cover.
• All perils are covered unless specifically excluded.
• Cover commences from the date of arrival of first consignment at site
• Cover terminates on the date of expiry as per policy or on completion of Erection and Trial run whichever is earlier.
• In the event of non-completion of the project within the period as per policy, cover may be extended for such further tim as may be required at additional premium

ADD ON COVERS

• Owners' Surrounding Property
• Removal of Debris
• Additional Customs Duty
• Air-Freight
• Express freight, Overtime charges, Holiday wages etc.
• Contractors’ Plant & Machinery (upto Rs.25 lacs)
• Third Party Liability(with/without Cross liability)
• Maintenance Visit or Extended Maintenance
• Catalyst during Hot test (Petrochemical risks)
• Holiday and Overtime rates and Wages.
• Escalation.

It is possible to integrate transit insurance (inland/overseas) on project materials with EAR policy and opt for a combined Marine-cum-Erection policy.

SIGNIFICANT EXCLUSIONS

• Excess in respect of each claim as stipulated
• Inventory Losses, Normal wear & tear and gradual deterioration due to atmospheric condition or otherwise, rust, scratching of painted or polished surface or breakage of glass.
• Loss or damage due to faulty design, defective material or casting
• War and warlike operation
• Nuclear reaction, nuclear radiation or radioactive contamination.
• Willful act or negligence of Insured.
• Consequential Losses of any kind or description such as losses due to penalty, delay, lack of performance, loss of contract.

WHY ICICI LOMBARD GENERAL INSURANCE COMPANY LTD?

• Leading private sector insurance company having wide network of offices across India
• Experts in insurance offering risk advisory services including risk minimization & mitigating insured’s risk
• Facultative arrangement with leading A rated re-insurers
• Wide coverage through widely accepted policy wordings
• Each & every risk is thoroughly assessed & right priced
• High customer servicing standards
• Claims management: simple procedures, speedy settlements
• Financial strength & supreme claim paying capacity