OVERVIEW
SCOPE OF COVER
OVERVIEW
The scope of cover is like the Contractor’s All Risks Insurance but specifically designed for Erection / Installation projects, where the values of the Plant/ Equipment dominates the Contract Value.
SCOPE OF COVER
Section I – Physical loss or damage
This section covers loss and/or damage to material and erection works owned by principals and contractors/ subcontractors:
- Accidental damage during construction
- Fire, lightning
- Water damage, flood, storm, and tempest
- Collapse, collision, impact, burglary, theft
- Malicious damage, aircraft
- Breakdown or explosion to any part of the contract
- Consequent damage due to defects in material casting, workmanship & design
- Riot, strike, subsidence, landslide, cyclone
- Hurricane, earthquake
Section II – Third Party Legal Liability
This section provides indemnity to the third party due to the legal liability of the insured (subject to the limits under the policy) resulting from negligence of the insured or his employees causing:
- Accidental bodily injury and/or death to third parties (Not members of the insured’s family or their employees)
- Accidental damage to property excluding property belonging to or in the custody of or under the control of the Insured, his family members, or his employees)
- Legal proceedings for defending any proceedings with Insurer’s consent.