Erection All Risk Insurance
Who Should Take Such Policy?
Contractors, principal, sub-contractors, or lenders (bank/financial institution) involved in erection work can take this policy.
Indicative Coverage:
- Fire & Lightning and chemical explosion.
- Physical explosions.
- Accidental damage during erection (due to dropping, falling, lack of skill, negligence, malicious act, or human error).
- Water damage, Flood, Storm, Landslide, Rockslide, Mudslide, Inundation, Earthquake.
- Collapse, Collision, Impact.
- Subsidence.
Common Exclusions (Non-Exhaustive):
- Loss due to cessation of work whether total or partial.
- Loss to files, drawings, accounts, bills, currency, stamps, deeds, securities, cheques or packing materials.
- Loss or damage due to faulty design, defective material or casting, bad workmanship other than faults in the erection.
- Consequential loss of any kind or description whatsoever including penalties, losses due to delay, lack of performance, and loss of contract.