You can make use of this policy if you are involved in an erection project as a contractor, subcontractor, financier, or the purchaser or owner.
To understand eligibility better, please read the
Our Erection All Risks policy will cover you on an ‘All Risk’ basis as the name suggests. This means it will protect you against sudden and unexpected physical loss or damage to your insured property. This policy includes accidents and natural perils like hurricanes both while the equipment is in storage and actively being installed, unless specifically excluded.
The coverage starts from the time the first consignment of machinery is unloaded at the project site and ends when the erection is completed or handed over to the purchaser or owner.
On paying an additional premium, you can extend the policy to cover the following risks:
- Clearance and removal of debris
- Damage to the owner’s surrounding property
- Third party liability
- Additional customs duty
- Express freight
- Holiday and overtime rates and wages
It is possible to combine transit insurance (inland/overseas) on project materials with our Erection All Risks policy and opt for a single Marine-cum-Erection policy.
This is not an exhaustive list. For a detailed list of inclusions & other details, please read the
This Erection All Risk Insurance policy by Liberty Videocon has ‘named excluded perils’ which means there are specific risks that will not be covered under this Engineering Insurance. The Company will not indemnify the Insured in respect of loss, damage or liability directly or indirectly caused by or arising out of or aggravated by these risks:
- War and nuclear events - War, invasion, act of foreign enemy, hostilities or war like operations (whether war be declared or not), civil war, rebellion, revolution, insurrection, mutiny, civil commotion, military or usurped power, martial law, conspiracy, confiscation, commandeering a group of malicious persons or persons acting on behalf of or in connection with any political organization, requisition or destruction or damage by order of any government dejure or de facto or by any public, municipal or local authority, as well as any nuclear reaction, nuclear radiation or radioactive contamination.
- Willful acts - or willful negligence of the Insured or of his responsible representative.
- Work cessation - whether total or partial.
- Inventory losses - loss discovered only at the time of taking an inventory.
- Wear and tear - normal wear and tear, gradual deterioration due to atmospheric conditions or otherwise, rust, scratching of painted or polished surfaces or breakage of glass.
- Defective design - loss or damage due to faulty design, defective material or casting, bad workmanship other than faults in erection.
Under the Erection All Risk Insurance, the company shall also not be held responsible for the cost necessary for rectification or correction of any error during erection unless resulting in physical loss or damage or for the loss of or damage to files, drawings, accounts, bills, currency, stamps, deeds, evidence of debt, notes, securities cheques, packing materials such as cases, boxes, and crates.
This is not an exhaustive list. For a detailed list of exclusions & other details, please read the policy wordings.