Erection Insurance Plan 2023- The Erection All Risk (EAR) insurance covers loss or damage to projects that involve erection or installation of plant, machinery, and equipment ranging from erection of a single machine to a large power plant. It protects a contractor or an employer against physical loss or damage to the Contract works, construction plant, and equipment or machinery. It also includes cover for damage to property of third parties and bodily damage to third parties.
The Erection All Risk Insurance Policy is a type of insurance policy that provides cover for any loss or damage caused during the installation/ erection of machinery and equipment in the projects. This policy provides the employer financial aid for such events as it can put a break in implementation because financial implications can leave you feeling you have no control.
Erection Insurance Plan 2023
When you install a plant/structure or machinery Erection Insurance Plan, there is always a risk of loss or damage. This could hamper the implementation process, causing immense financial stress. Even though you cannot control the loss or damage, you can prepare for what comes after it. Secure your dream projects and profits with Future General’s Erection All Risks Insurance.
With the Erection Insurance Plan All Risks (EAR) cover loss or damage involved in the erection of a plant, machinery, structure or equipment. This policy protects your machinery, plant, and other buildings when you assemble or erect them in your factory. Be it a thermal power station, oil refinery or any other kind of factory, our policy covers everything.
Erection Insurance Plan 2023 Overview
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What is Erection All Risk Insurance?
The erection all risk insurance policy is a type of insurance policy that provides cover for any loss or damage caused during the installation of machinery or equipment in the factory or an office. This policy provides the employer financial aid for such eventualities as it can put a break in implementation because financial burden can leave you feeling you have no control.
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Who can take the insurance?
The policy can be taken out in the joint names of the contractor and the employer. All parties involved in any kind of construction may be insured:
- General contractors
- Suppliers and manufacturers of equipment
- Purchaser or owner
Key Features of Erection All Risk Insurance
- Offers comprehensive insurance for 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.
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What does Erection All Risk Insurance cover?
EAR cover begins 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 employer, or the period chosen, whichever is earlier.
The following are the eventualities against which you are covered:
- Fire, explosion, lightning, aircraft damage
- Flood, storm, cyclone, landslide and allied perils
- Riot, strike, malicious act
- Faults in the erection of a building
- Burglary and theft
- Human errors, acts of negligence.
- Electrical and mechanical breakdown
- Short-circuiting, arcing, excess voltage
- Collapse, damage due to foreign objects, impact damages
- Any other sudden, unforeseen, accidental damages not explicitly excluded.
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Add-on covers under Erection All Risk Insurance
Below are the available add-ons you can avail to extend your insurance cover:
- Cross liability
- Cost of clearance and removal of debris
- Third-party liability
- Express freight
- Additional customs duty
- Damage to owner’s surrounding property
- Maintenance cover
- Holiday and overtime charges
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What is not covered in Erection All Risk Insurance?
- Loss or damage due to faulty design, defective material of casting and/or bad workmanship
- Loss or damage due to willful act or willful negligence
- Cessation of work
- Manufacturing defects
- Consequential loss
- Inventory losses
- Loss or damage due to nuclear reaction, nuclear radiation or radioactive contamination
- Loss or damage due to war or warlike operations
- Losses due to normal wear and tear, gradual deterioration
Erection Insurance Plan FAQ’S
What is erection insurance cover?
It gives financial protection to the engineering contracts in the event of any accident. The Erection All Risk policy is for erection and testing of Manufacturing units or individual machineries. The policy also covers legal liability to third parties arising as a result of the project activity during the policy period.
What is difference between car and EAR policy?
CAR is more suitable for civil works such as buildings, roads, bridges and docks. Meanwhile, EAR coverage is applied to the use of installing machinery and equipment. EAR is more suitable for engineering facilities and other construction projects involving erections and installations.
Which is covered by EAR policy but not car policy?
CAR is more suitable for civil works such as buildings, roads, bridges, and docks. Meanwhile, EAR coverage is applied to the use of installing machinery and equipment. EAR is more suitable for engineering facilities and other construction projects involving erections and installations.
What cases get an erection?
Intercourse and repetitive penile stimulation create a strong contraction of these muscles and force additional blood into all chambers, increasing rigidity. This process is known as the rigid erection phase, during which pressure within the erectile chambers can reach several hundred mmHg.