During the course of execution of project relating to construction of building and civil engineering works, certain unforeseen accidents could occur resulting in considerable financial loss to the contract works, construction / or the principals arising from damage to the contract works, construction of plant and machinery as well as Third Party Claims. The Contractors All Risks (CAR) Insurance has been designed to protect the interests of the Contractors /Principal against such losses.
Key Benefits :
- Fire, Lighting, Theft, Burglary & Housebreaking
- Failure of Safety Devices, Leakage of Electricity, Insulation failure, Short circuit, explosion*
- Storm, Tempest, Hurricane, Flood, Inundation, Subsidence, Landslide, Rockslide, earthquake.
- Impact from falling objects, Collision, Failure of Cranes or Tackles etc.
- Carelessness, Negligence, Faults in Erection/Construction, Strike & Riot, Malicious damage, Terrorism.
- Maximum value at risk. A specific request to be made to UW.
The Erection All Risk policy (EAR) refers to the type of insurance policy that covers any loss or any damage occurring when machinery or equipment in the factory or an office is being installed. This policy protects you financially against such mishaps which can hinder the implementation process, besides adding to expenses.
Key Benefits :
- Offers comprehensive insurance for the erection of projects and provides cover during storage, erection, and testing of property at the insured site.
- Provides coverage for the entire period of the project rather than on an annual basis.
- Offers various add-ons as per customers' needs.
The Industrial All Risk (IAR) Insurance policy was created to cover major manufacturing industrial risks with broader and more complicated exposures than typical Fire and Allied Insurance policies could handle. The policy is created as a multi-line product that allows a client to select from a variety of sections.
Key Benefits :
- It allows the insurer to protect their organization against a broader range of dangers, not simply fire.
- Insurers can also use the Industrial All Risk Policy to secure stronger coverage against losses caused by machinery damage.
- The policy will pay losses incurred by a company when its commercial operations are disrupted or halted.
This is a comprehensive policy covering all physical risks which a project is exposed to right from the warehouse of the supplier of equipment — whether imported or indigenous — to its erection, testing and commissioning at the site. It is a combination of Erection All Risks and Marine Insurance to cater to the needs of erection projects.
Key Benefits :
- Marine voyage for imports
- Offloading / storage at port
- Inland transit to site
- Storage, handling, erection at site
- Testing and commissioning at site
Contractors Plant & Machinery (CPM) Insurance is a specialized insurance policy designed to provide comprehensive coverage for contractors, construction companies, equipment rental companies, and other stakeholders against various risks and contingencies associated with the ownership, operation, maintenance, and use of plant, machinery, equipment, tools, and mobile assets used in construction, infrastructure development, civil engineering, and other related industries. This insurance policy offers a tailored solution to protect valuable assets and investments against unforeseen events, damages, breakdowns, theft, and other specified risks.
Key Benefits :
- Contractor plant and machinery insurance is designed to cover loss or damage to various plants and machinery used on project sites.
- There is an option to cover only selected machinery under the policy.
- Insurance is provided based on the current replacement value.
- Policy purchase is available only after successful commissioning of the machinery.
This policy is suitable for electronic equipment like computers, printers, scanners, industrial electronic machines and servers and data storage equipment’s. The Insurance Policy broadly covers material damage to electronic equipment (which can include systems software) due to sudden and unforeseen events, cost of external data media, including cost of reconstruction of data, as also increased cost of working.
Key Benefits :
- Our Electronic Equipment Insurance policy is specifically designed to provide complete cover to electronic equipment in case of breakdown or damage.
- The policy covers the high costs of repair or restoration of the damaged equipment, or its replacement thereof to ensure business continuity at a marginal cost.
A Boiler and Pressure Plant Insurance Policy is designed to provide coverage against damages or losses arising from accidents or breakdowns of boilers, pressure vessels, and other related machinery. This type of insurance is particularly important for industries where steam boilers, pressure vessels, and other pressure plants are integral to operations, such as manufacturing, power generation, and chemical processing.
Key Benefits :
- Coverage for accidental damage to boilers, pressure vessels, and related machinery due to events like explosions, overheating, or mechanical breakdowns.
- Protection against damages caused by explosions originating outside the boiler or pressure vessel.
- Coverage for losses resulting from the collapse of boilers or pressure vessels.
- Compensation for loss of income or additional expenses incurred due to the breakdown of insured machinery, which leads to business interruption.
- Protection against legal liabilities arising from bodily injury or property damage to third parties caused by accidents related to insured machinery.
Machinery Loss of Profit Insurance, also known as Machinery Business Interruption Insurance or Machinery Breakdown Loss of Profit Insurance, is a specialized type of insurance that provides coverage for financial losses incurred by a business due to the breakdown or malfunction of insured machinery, equipment, or plant.
Key Benefits :
- All perils under the Machinery Breakdown policy can be covered under Machinery Loss of Profits Insurance Policy (MLOP). Hence,the main perils covered are electrical/mechanical breakdown, voltage surge, impact damage etc.
- The amount payable as indemnity is in respect of reduction in turnover/output is the gross profits lost on account of the shortage in turnover or output during the indemnity period in consequence of the material damage under Machinery Breakdown policy.
Portable Electronic Equipment Insurance Policy is designed to provide coverage for loss, theft, accidental damage, or breakdown of portable electronic devices such as smartphones, laptops, tablets, cameras, and other portable electronic equipment used for business or personal purposes. This type of insurance offers financial protection against unexpected events that may result in repair or replacement costs, data loss, and business interruption.
Key Benefits :
- Compensation for repair or replacement costs incurred due to accidental damage to portable electronic devices, such as drops, spills, or impact damage.
- Protection against financial losses resulting from theft or unauthorized use of portable electronic equipment, including burglary, robbery, and pickpocketing incidents.
- Coverage for repair or replacement costs due to mechanical or electrical breakdown of portable electronic devices beyond the manufacturer's warranty period.
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