Projects under erection are exposed to host of risks which can put a break in implementation, cause financial burden and leave you feeling you have no control.
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 incepts from the time of unloading of the first consignment at the project site and terminates on completion of testing or handing over of the project to the principal or the period chosen, whichever is earlier.
Section I - Provides coverage for the property lost, damaged or destroyed by any cause, other than those specifically excluded in the Policy, necessitating replacement or repair. The Company will pay or make good all such loss or damage up to an amount not exceeding the sum specified in respect of each of the items and not exceeding in the whole the total Sum Insured specified.
Section II - Provides coverage towards: a) Legal liability for accidental loss or damage caused to property of other persons. b) Legal liability for fatal or non-fatal injury to any persons other than the Insured's own employees or workmen or employees of the owner of the works or premises due to construction of any property.
On payment of additional premium, the following coverages may be selected:
The Company will not be liable under the Policy in respect of loss or damage due to: