Features & Benefits
Requirements:The foundation of a building may be laid with a single brick but it takes a long time and lot of work to finish erecting the whole structure. Besides construction of buildings, there may also be plants and machinery that need to be set up, installed, tested and commissioned. From start to finish, the whole process of erecting a new structure can be very delicate with many possibilities of accidents damaging essential equipment. Our Erection All Risk policy protects you in the face of such risk for a variety of projects including manufacturing factories, power plants, water and wastewater treatment facilities, and telecommunications centres.
Benefits; The Erection All Risks policy can cover all the different parties involved in the erection work, like contractors and financiers. This protects all parties against the risk of damage to the machinery being installed, not just during erection itself but also during storage, testing and commissioning. This policy’s cover can last until the project is completed and handed over to the owner or on a long term basis depending on the project plan and period.
Sum Insured: The sum insured should be the total value of the project including buildings and plant and machinery after erection, along with freight charges, customs duty and the cost of erection itself.
Premium: The amount of the premium you pay will depend on the type, value and duration of the project as well as the period of testing.
Please read the
policy wordings for more information.
*Terms & Conditions apply.