Erection All Risks Insurance [EAR] protects the interests of principal, contractors, sub contractors and other relevant parties involved in erection of plant, machinery, equipments during the execution of a project.
The coverage under the policy is under two sections as below,
Coverage in this section includes,
Policy can be extended to cover existing surrounding property belonging to the principal.
This section provides indemnity towards legal liabilities of the Insured to third parties arising out of performance of the contract works.
The policy can also be extended to cover risks during testing and commissioning of works. The contractual obligations during maintenance/defect liability period are also covered under the policy.
Coverage for physical damage to the contract works and third party liabilities due to injury or damages during the course of construction
Covers plant, machinery and equipment against any unforeseen or sudden physical loss or damage
A combination of Marine Cargo and Erection All Risks insurance to protect principal, contractor, manufacturer and supplier