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Royal Sundaram Industrial Insurance |
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Contractor´s All Risks Insurance
Coverage:
All types of civil engineering works, ranging from small buildings to massive dams are exposed to damage from a wide range of causes such as fire, lightning, flood, inundation, storm, cyclone and other accidental damages.
‘Contractors All Risks Policy’ is a comprehensive insurance which provides complete protection against all types of civil construction risks.
Duration:
The cover can be taken jointly by the owner/ principal covering the interest of all other parties like main contractor, sub contractor, financial institution, bank etc
Scope:
It is an all risks policy covering loss or damage to the property by any cause other than those excluded. In particular the cover includes-
• Fire, lightning, explosion, aircraft damage
• Riot, strike, malicious act
• Flood, inundation, storm, cyclone and allied perils
• Landslide, subsidence and rockslide
• Burglary and theft
• Faults in erection
• Human errors, negligence
• Short-circuiting, arcing, excess voltage
• Electrical and mechanical breakdown
• Collapse, damage due to foreign objects, impact damages
Sum Insured:
The sum insured for the insurance should not be less than the full value of the contract works on completion of the construction. Basically, insurance should be for the contract price.
Principals often supply contractors with materials on 'free issue' to be built into the contract works. These value would not have reflected in the contract price but the Sum Insured should be increased to cater for them.
Boiler & Pressure Plant Insurance
Boiler and Pressure plant insurance covers the risk of explosion and collapse of any boiler or other pressure plant in the course of ordinary working.
Subject matter:
Boiler and auxiliaries such as economizers, super heaters and steam/ feed piping-both fired and unfired vessels.
Scope of cover:
Damage to the boilers and/ or pressure vessels
• Damage to the insured´s own surrounding property
• Third party liability for death or bodily injury or damage to third party property.
Sum Insured:
Should represent the new replacement value of the plant inclusive of freight, customs duties and erection cost.
Period of insurance: 12 months
Cover is on annual basis and to be renewed
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