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Reliance Industrial Insurance |
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Reliance Erection All Risks / Storage - cum - Erection Insurance Policy
Features
For any construction project, erection is one of the most crucial phases. There are high risk elements associated with erection of machinery, plant etc which can bring about a heavy destruction and damage to property and contribute to huge financial losses to principal and contractors. The Reliance Erection All Risks/Strong-cum-Erection Insurance Policy offers a continuous cover for various such projects starting from the time the consignments leave the warehouse till they are received and erected at the site.
Key Benefits
• Specialized product providing extensive coverage under four sections.
• Extensions for express freight, air freight, additional customs duty, and testing period.
• Continuous cover available through all stages of projects - storage, erection, testing and commissioning.
Policy Coverage
This policy covers any unforeseen and sudden physical loss or damage to the insured property pertaining to projects during the following phases:
• Storage
• Erection
• Testing
• Commissioning
The Company will also reimburse the cost of clearance and removal of debris following upon any event giving rise to an admissible claim under the Policy
The Company will also pay to the insured the loss of or damage to the property insured by explosion or otherwise directly caused by
• An act of terrorism committed by a person or persons acting on behalf of or in connection with any organisation.
• The action of any lawfully constituted authority in suppressing or attempting to suppress any such act referred to in (i) above or minimising the consequences thereof.
Reliance Contractor´s All Risks Insurance Policy
Features
The construction industry is laden with a variety of risks. There is no telling when accidents leading to injuries and damages to property can happen. The impact of these perils take a heavy toll on the investments of the contractors and also threatens to bring the projects to a grinding halt. To avert the huge financial losses the contractors suffer under such circumstances, we bring to you the Reliance Contractor&s All Risks Insurance Policy.
Key Benefits
• Continuous comprehensive cover offering protection to the insured in any contingency during construction period
• Option for the Insured to choose specific additional coverage such as removal of debris, express freight, covering insured´s surrounding property, third party liability etc
• Flexibility for the Insured to assign limits for additional coverages
Policy Coverage
This policy offers a continuous cover for civil engineering projects i.e the projects where the value of civil works is more than 50% of the total contract value.
The cover operates during storage, erection/construction till the completion and handing over of the works to the principal.
The Policy has the following two sections of coverage:
The cover under this Section is available for loss or damage to the property insured against sudden and unforeseen causes, necessitating its repair or replacement.
In case of repairs and replacements, the settlement is based on production of bills.
In the case of total loss, settlement will be actual value immediately before loss less salvage.
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