Erection All Risks Insurance
Erection All Risk Insurance offers comprehensive and adequate protection during the period and stages of erection of the machinery, plant and steel structures of any kind as well as third party claims in respect of property damage or bodily injury arising in connection with the execution of an erection project.
Contractor’s All Risks Insurance
Contractor All Risks Insurance offers comprehensive and adequate protection against loss or damage in respect to contract works of civil engineering projects, construction plant and equipment and construction machinery as well as third party claims in respect of property damage or bodily injury arising in connection with the execution of a construction project.
Contractor’s Plant and Machinery Insurance
This policy is developed for the contractors. It offers comprehensive insurance to contractor's plant and machinery on an annual basis. It offers loss or damage occurring at work, at rest or during maintenance or during the transit of equipment and is not limited to a specific construction site.
Machinery Insurance is developed to grant industry the effective insurance cover for expensive plant, machinery and mechanical equipment. All type of machinery, plant, electrical and mechanical equipment and apparatus may be covered under this policy. By its very nature Machinery Insurance is an all risk "Accident" insurance for machinery. It covers unforeseen and sudden physical loss or damage from causes not specifically excluded, in a manner necessitating repair or replacement. Those items having a short service life compared to the entire plant are normally excluded.
Machinery Loss of Profit (MOLP) Insurance
This policy provides cover for actual loss of gross profit sustained as a result of a business interruption caused by an accident covered under machinery insurance. MLOP generally covers:
- Continuing business expenses (standing charges)
- Net profit
- Salaries and wages paid to employees
- Increase in cost of working like additional expenditure incurred for avoiding or diminishing a reduction in turnover
MLOP insurance is of special interest for bottle neck equipment used in the field of power generation like boilers, steam turbines, generators, transformers, process machinery etc.
Boiler and Pressure Vessel Insurance (Machinery)
Boiler is an integral part of many plants. Boiler is a device which produces steam under high pressure and temperature. Boiler is expensive equipment and it carries a risk of explosion and collapse. Boiler explosion not only destroys the boiler itself but can cause catastrophic damage to surrounding property and machines. Collapse of a boiler occurs more frequently than explosion and may occur due to bending of boiler's components due to high temperature and pressure. This policy covers losses due to explosion and collapse of boiler or any other pressure vessel (like gas cylinder). It also covers cost of repairs of boiler and pressure vessel and auxiliary equipment and surrounding buildings, machinery and other property.
Electronic Equipment Insurance
Electronic Equipment Insurance is today a common policy for high valuable electronic equipment. The term electronic equipment comprises all electrical systems having moderate power requirement such as
- Electronic data processing (EDP) equipment
- Electrical and radiation equipment for medical use
- Communication facilities
In other words all types of equipment which generates, converts, stores, transfers and/or process physical data and information can be insured. Electronic Equipment Insurance is one of the most comprehensive policies. The insurance protects owner as lesser or lessee, as operator, or as hirer, or as maintainer. This policy is an "Accidental" insurance of "all risk" basis covering almost all the perils but only after successful commissioning of the insured items. Mobile and portable equipment whilst at stationary or at transit any where in the country may also be covered under this policy.
Comprehensive Machinery Insurance
The Comprehensive Machinery Insurance policy is intended to provide property cover for machinery and industrial plant as an enhancement of machinery insurance and is specially aimed at risks which are demanding from underwriting perspective. Power and steel plants, paper, cement factories, sugar mills or other industry with a high exposure to machinery damage but a lower exposure to fire, explosion and natural hazards are insured under this policy.
Comprehensive Project Insurance
The Comprehensive Project Insurance policy is applicable to erection and construction projects, but it is particularly relevant to risks such as hydroelectric plants which involve both construction works and machinery erection. In addition to Third Party Liability and construction machinery this policy includes marine cargo section so as to fully live up to the idea of a Comprehensive Project Insurance.