Erection All Risk Insurance
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The Erection All Risk Insurance covers all kinds of erection and testing on individual machines, industrial machinery, industrial plants, steel works and/or structure, as well as third-party property and/or bodily injury arising in connection with the erection work. The coverage may include Civil Engineering Works, Equipment for Erections, Removal of Debris, Professional Fees, and the Principal's Existing Property. The duration of cover corresponds with the contract period, which is stipulated in the Letter of Award.
What is an Erection All Risk Insurance Policy?
The Erection All Risk Insurance policy is one of the types of insurance policies that cover any loss or any damage that occurs when installing machinery or equipment in factories, large companies or offices, this policy protects you from financial loss in the event of such unfortunate accidents that can prevent you from completing your projects or disrupt their implementation, in addition to increasing expenses.
The Erection All Risk Insurance policy covers all risks from unloading machinery or equipment at the project or construction site, and is valid until the project is completed and the main employer assumes his duties.
what is covered by the Erection All Risk Insurance policy?
There are many coverages offered by Erection All Risk Insurance policy, including the following:
Installation and testing of machines
Erection All Risk Insurance provides broad coverage against any material damage or loss during the construction or installation of any equipment and machinery inside factories, in other words, the policy covers damages that occur during the installation of one machine or an entire plant, and also covers the damages observed until the completion of testing of the machines/tools that have been installed.
Contractors & Employers
Contractors or factory owners benefit from this policy in bearing all construction risks as it provides coverage for all parties included in all types of construction, such as contractors, equipment suppliers and manufacturers, as well as the owner.
Any injury to workers due to accidents or under the All Risks of Installation insurance policy is insured and protects against all damage to the property of third parties, or any injury caused to them during the installation process.
Sudden accidents or disasters
Our Installation & Construction All Risks policy provides protection against any natural disaster event or such as explosions, fires, floods, earth vibrations, hurricanes, riots, strikes, theft etc. or any human injury as a result of negligence.
In addition to the above, the Erection All Risk Insurance covers other expenses incurred during the installation or installation process such as third party liability, shipping expenses, equipment residue removal cost, customs duties, and property damage whether owned or third-party.
What are the exclusions that are not covered by Erection All Risk Insurance policy?
The Erection All Risk Insurance policy does not include intentional loss or damage resulting from wilful negligence, nor does it include any temporary downtime, manufacturing defects or loss of inventory.
The Erection All Risk Insurance also does not cover any damage or loss resulting from natural corrosion, as well as due to wars or nuclear or radiological reactions.
The Erection All Risk Insurance policy gives you great advantages if you work in the construction industry, as it is a comprehensive insurance that protects you from material loss and damage that occurs during the installation of plant equipment or machinery and tests of the operation of machinery and equipment during the construction process.
The policy also covers material damage to machinery, as well as damages/expenses incurred by others as a result of business errors, so it is an ideal solution to protect you from the costs of repairing damage to your business and paying additional expenses.