Erection All Risks (EAR) Insurance

Key Feature

This Policy offers comprehensive insurance for erection projects and provides cover during Storage, Erection and Testing of property at the insured site. The Policy is provided for the entire period of the project rather than on an annual basis

Coverage

There are two Sections in the Policy.
Section I - provides coverage for the property lost, damaged or destroyed by any cause, other than those specifically excluded in the Policy, necessitating replacement or repair. The Company will pay or make good all such loss or damage up to an amount not exceeding the sum specified in respect of each of the items and not exceeding in the whole the total Sum Insured specified.

Section II - provides coverage towards: a) legal liability for accidental loss or damage caused to property of other persons b) legal liability for fatal or non-fatal injury to any persons other than the Insured's own employees or workmen or employees of the owner of the works or premises due to construction of any property.
The Policy also provides for payment of: a) All cost and or expenses of litigation recovered by any claimant from the Insured. b) All cost or expenses incurred by Insured with the written consent of the Company.
On payment of additional premium, the following coverages may be selected:
Dismantling Cover
Storage risk at Fabricators premise
Provision for escalation
Clearance And Removal Of Debris
Surrounding property of the Insured
Additional Rate For Express Freight (Air Freight Excluded) Holiday And Overtime Rates Of the Wages
Additional Rate For Air Freight Only
Additional Custom Duty
Construction Machinery Plants And Equipment's
Maintenance Visits and Extended Maintenance Cover

Exclusion

The Company will not be liable under the Policy in respect of loss or damage due to:
Excess as stated in the Schedule
loss discovered only at the time of taking an inventory
loss or damage due to wear and tear, gradual deterioration due to atmospheric conditions or rust, scratching of painted/polished surfaces or breakage of glass
loss or damage due to faulty design, defective material or casting, bad workmanship etc.
the cost necessary for rectification of any error during erection
loss of or damage to files, drawings, accounts, bills, currency, packing materials etc.
any damage or penalties on account of the Insured's non- fulfillment of the terms of delivery or completion under his Contract of Erection
loss or damage to vehicles licensed for general road use or water borne vessels etc.
liability consequent upon - 1) bodily injury to or illness of employees or workmen of the Contractor(s) or the Principal(s) or any other firm connected with the project 2) Loss of or damage to property belonging to or held in care custody or control of the Contractor(s), the Principal(s) or any other firm connected with the project 3) any accident caused by vehicles licensed for general road use or by waterborne vessels or aircraft; 4) any agreement by the Insured to pay any sum by way of indemnity.
War and War like operations, Nuclear perils
Willful act or gross negligence, existing defects, normal wear and tear and consequential loss
Cessation of work whether total or partial.