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ICICI Lombard Industrial Insurance |
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Electrical Equipment Insurance Policy
Scope of cover
This policy covers risks associated with storage, assembly/erection and testing of Plant and Machinery. EAR insurance provides comprehensive cover. All perils are covered unless specifically excluded. Cover incepts 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.
Sum Insured
Sum to be insured is the completely erected value of the plant and machinery inclusive of freight, custom duty and cost of erection
Main Extension
Policy can be extended on payment of additional premium to cover
• Escalation
• Maintenance
• Clearance and Removal of Debris
• Damage to Owner´s Surrounding Property
• Third Party Liability
• Additional Customs Duty
• Express Freight
• Holiday and Overtime rates and Wages
Premium
Premium depends on type, value, and duration of the project and the period of testing.
Contractor´s All Risk Policy
Covers all types of civil engineering projects
Contractors All Risk (CAR) policy is designed to cover all types of civil engineering projects like buildings, dams, flyovers, etc.It is possible to record the interest of Principal, Contractors and Subcontractors in the policy.
Scope of cover
This Policy broadly covers the risk of accidental physical loss or damage in respect of the contract works, during the execution of a civil project. CAR insurance provides and all risk 'cover. All perils are covered unless specifically excluded.
Cover incepts from the commencement of work or after unloading of first consignment at project site, whichever is earlier and terminates on handing over of works to the principal or expiry of policy, whichever is earlier.
Sum Insured
The Sum insured shall be the fully completed value of the contract works inclusive of all materials, wages, freights, and custom duty and materials or items supplied by the principal.
Significant Exclusions
This Policy does not cover loss or damage due to willful misconduct, cessation of work whether total or partial, delay, damage due to faulty design, rectification of defective material and/or workmanship inventory losses etc. Policy is subject to deductible excess as stipulated in the tariff.
Main Extension
Main policy can be extended on payment of additional premium to cover
• Owner´s Surrounding Property.
• Third Party Liability.
• Maintenance Cover.
• Escalation.
• Clearance and Removal of Debris.
• Contractor´s Plant and Machinery.
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