This policy useful for the Principals, Contractors and sub contractors, Manufacturers undertaking projects involving Storage and Erection of Machinery, Plant and Steel Structure, Equipment of any kind. Such as erection of Machinery like Electricity Generators, Transformers, Turbines, Boilers, Water treatment plants, Desalination plants, Elevators, etc and this scheme can be tailored to meet the tender conditions, in relation to the requirement under a contract. The policy provides with a comprehensive financial protection against accidental physical loss or damage to the covered entire erection / Installation works including temporary structures, construction plant and equipment, construction machinery. In addition to these are also covered against Testing and Commissioning works for electromechanical equipment, legal claims in respect of third property damage or bodily injury/death arising out and whilst in the course of the erection of the project.
The policy provides financial protection against any accidental physical loss or damage to the covered works other than a few specific exclusions as mentioned in the policy schedule.
The perils covered under this Plan, but not limited to the following:-
• Fire, Lightning, Cyclone, Hurricane, Flood, Storm, Tempest, Inundation subsidence,
Landslide, Rockslide, Subsidence, Earthquake, Volcanic Eruption etc.
• Riot, Strike and Civil Commotion, Malicious Damage, Burglary or Theft.
• Lack of skill, bad workmanship, negligence
• Explosion, Spontaneous Combustion, Heating, Fermentation.
• Impact and Aircraft Damage.
• Accidental damage during assembling, dropping or falling or breakage of sling, collapse and collision.
The cover can be extended to include Surrounding Property of Principal, Off-site storage, Goods in Transit, Professional fees, Expediting Expenses, Cost of Removal of Debris etc.
The Period is based on the Contract period and a range of 6 to 24 months followed by Maintenance Period.