Erection All Risks (EAR) policy provides coverage for Erection of mechanical and Electrical plants. Interest of Suppliers/Manufacturers, Contractors, Subcontractors can be recorded in the policy.
Scope :
This policy covers risks associated with storage, assembly/erection and testing of Plant and Machinery. EAR insurance provides comprehensive cover. All perils are covered unless specifically excluded. Cover incepts from the time of unloading of the first consignment at the project site and terminates on completion of testing or handing over of the project to the Principal, or the period chosen, whichever is earlier.
Sum Insured
Sum to be insured is the completely erected value of the plant and machinery inclusive of freight, custom duty and cost of erection.
Premium
Premium depends on various factors such as type, protection, experience of contractors, duration of the project, period of testing, etc.
Main Extensions
Policy can be extended on payment of additional premium to cover :
- Escalation
- Clearance and Removal of Debris
- Damage to Owner’s Surrounding Property
- Express Freight
- Additional Customs Duty
- Holiday and Overtime rates and Wages