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Erection All Risk Insurance
The Erection All Risk (EAR) insurance offers coverage for loss or damage to projects involving erection/installation of plant, machinery and equipment spanning from erection of a single machine to a large power plant. It provides protection against physical loss or damage to a contract work, construction plant and equipment or machinery. Damage to property of third parties and bodily damage to third parties are also included.
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What is Erection All Risk Insurance?
It offers coverage for any loss/damage that occurred during the installation of machinery or equipment in the factory or an office. This policy also offers the employer financial aid for such contingency as it can put a halt in implementation thus creating financial burden.
Insurance Applicability
This policy can be issued in the joint name of contractor as well as employer. All parties involved in any type of construction has to be insured including:
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General Contractors
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Subcontractors
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Suppliers and manufacturers of equipment
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Purchaser or owner
Benefits of Erection All Risk Insurance
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It provide comprehensive insurance for erection of projects and provides cover for storage, erection, and testing of property at the insured site.
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It offers coverage for the whole period of the project rather than on an annual basis.
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It provide various add-ons as per the suitability and need of the customer.
What does Erection All Risk Insurance cover?
EAR cover commences from the execution of the first consignment at the project site and ends on the completion of testing or passing over of the project to the employer, or the period chosen, whichever is earlier.
Contingencies against which you are covered:
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Fire, explosion, lightning, aircraft damage
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Flood, Storm, cyclone, landslide and allied perils
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Riot, strike, malicious act
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Faults in building erection
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Burglary and Theft
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Act of negligence
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Electrical and mechanical breakdown
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Short circuiting, arcing, excess voltage
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Collapse and damage due to foreign objects
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Any other unforeseen accidental damages which are not explicitly excluded
Add-on covers Erection All Risk Insurance
Following add-ones you can take to extend your insurance cover:
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Cross liability
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Cost of clearance and removal of debris
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Third -party liability
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Express Freight
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Additional customs duty
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Air freight
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Escalation
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Damage to owner’s surrounding property
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Maintenance cover
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Holiday and overtime charges
Exclusions in Erection All Risk Insurance
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Loss of damage due to faulty design, defective material of casting and/or bad workmanship.
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Loss or damage due to wilful act or wilful negligence
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Cessation of work
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Manufacturing defects
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Consequential loss
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Inventory losses
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Loss or damage due to nuclear reaction, nuclear radiation or radioactive contamination
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Loss or damage as a result of war or warlike operations
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Losses due to normal wear and tear, gradual deterioration
Benefits of Erection All Risk Insurance
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providing comprehensive insurance for erection of projects and offering coverage during storage, erection, and testing of property at the insured site.
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offering coverage for the entire project period rather than on an annual basis.
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providing various add-ons as per customer's needs.
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What do you mean by erection all risk insurance policy?
Various construction plants and projects activities involve the storage of an equipment, re-constructing or dismantling, moving/expanding, etc, which can lead to significantly higher risks. The Erection All Risk (EAR) policy covers any physical loss/damage as a result of construction work, installation of machinery, etc. Damage caused to third-party properties (including bodily damage).
Who can apply for erection all risk insurance policy?
Both the constructors , as well as employers can get this policy issued either individually or in joint names. Different construction parties get insured under this policy including subcontractors, General contractors, Equipment suppliers and manufacturers and also the buyer or the owner.
What is the solution in case the loss is less than the deductibles?
In case the loss occurred is less than the deductible, then there is no requirement for reporting the loss. However, in case your final loss amount or total amount of deductible is uncertain, then contacting the insurer to get further guidance is viable option.
What are the exclusion in erection all risk insurance?
Any type of loss/damage as a result of faulty design, bad workmanship or defective material in casting will not be covered. Nuclear reaction/radiation/radioactive contamination damages are not covered.
Is there any time limit for submission of claim under erection all risk policy?
Yes, every insurer has certain guidelines and time limit to submit the claim documents. Thus, It is always beneficial to submit the documents on time.
What are the repercussion if a passenger/passerby gets injured due to a construction object?
The Erection All Risk policy also cover legal liabilities arising due to a bodily in hurt or any property damage occurred to any third party. Hence, it is better to always inform your iinsurance company about any kind of injury occurred to a third party no matter if it is a minor one.
What should be done if the injured person demands urgent reimbursement of his medical Receipts?
In such cases the medical receipts of the third party should be sent along with a claim letter.You should then send these documents to the insurance provider and the insurance provider will then call/ contact the person on your behalf. However, before sending the claim letter to the insurer, it is essential to make sure that the claimant has included his/her contact details including address as well as phone number on the claim form.