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HDFC Chubb Industrial Insurance |
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Erection All Risk Insurance
Every time you undertake a project that involves storage of equipment, moving or expanding a facility, or dismantling and re-constructing it, you leave your organisation open to significant risk. HDFC General Insurance Company Ltd.'s Erection All Risk Insurance helps protect against just this kind of scenario. The comprehensive nature of this coverage makes it the ideal solution for diverse needs, whatever the risk you want to insure.
Scope of Cover:
This policy is a typical “all risk” insurance for storage, assembly/erection, testing and commissioning of the following types of activities. Unless specifically excluded, it provides comprehensive cover for:
• Setting up a new project/individual machines.
• Expansion of an existing project.
• Dismantling and re-erection of an existing facility.
The interest of suppliers, manufacturers, contractors as well as subcontractors can be included in the policy. Cover begins 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.
Main Exclusions:
This policy does not cover loss or damage arising from:
• Faulty design, defective material, bad workmanship.
• Consequential loss, inventory loss.
• Normal wear and tear, etc.
• Deductible as stipulated in the tariff
Sum Insured:
The Sum Insured is the completely erected value of the plant and machinery, inclusive of freight, customs duty and cost of erection.
Premium:
The premium under this policy depends on the type of activity, Sum Insured, duration of the project, period of testing and voluntary excess opted for by the Insured. The premium can be paid in installments, when the policy period is more than 12 months.
Main Extensions:
The policy can be extended on payment of an additional premium to cover:
• Earthquake.
• Act of Terrorism.
• Escalation.
• Limited maintenance cover.
• Clearance and removal of debris.
• Damage to owner´s surrounding property.
• Third party liability.
• Cross liability.
• Additional customs duty.
• Express freight, holiday and overtime rates of wages.
• Contractor´s plant and machinery.
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