Erection All Risks
Erection All Risks policy protects the insured who manufactures or erects plants and machinery, against financial loss due to sudden and unforeseen damage to property, machine, structures, installations, etc. on the site, while being stored, erected, tested and maintained. The cover is taken out on Single Contract or Individual Basis (where each contract work is individually rated and insured) or Open Cover Basis (where a general description of contract works to be undertaken by the insured will be given and any erection contract falling within the description is automatically covered subject to a maximum limit).
Machinery Breakdown policy is designed to indemnify the insured against damage to the machinery (already fixed and in use) caused by breakdown, principally from sources within the machinery. The breakdown could result to the machinery while working or at rest; or while being dismantled, moved or re-erected for the purposes of cleaning, inspection, repair or installation in another position within the premises. Cover is arranged on Individual Machine basis (where the insured selects only certain machines leading to saving in premium) or Blanket Cover basis (where all the machinery of the insured are to be covered).
Plant All Risks
This policy covers loss or damage to the insured from any cause outstanding the machine, e.g. fire, impact, explosion, theft, and to a limited extent public liability. The protection of the policy is meant principally for constructional plants/machinery with high values.
This aims at providing financial protection for the insured against loss, liability and/or damage that can occur during the building of a structure – whether accidental damages to the structure itself, the installations, on-sit plant and machinery or third party liabilities caused by the construction project. The policy can be issued in the name of the contractor only or contractor, sub-contractor and the principal.
This policy is specially designed for boilers and pressure plants due to their special nature coupled with the statutory requirements for periodical inspections. It offers protection for the insured against damage (except from fire) to the boiler or pressure plants and property owned by the insured; liability at law arising from death of or bodily injury to any person (except the insured’s own employees, workmen or members of his family) caused solely by the boiler/pressure vessel’s explosion or collapse, damage (other than by fire) to property held in trust or on commission or for which the insure is responsible, damage to property not belonging to the insured caused solely by explosion or collapse; and all costs and expenses of litigation recovered by claimant from the insured and all cost and expenses incurred with the written consent of the insurer.
A bond is an undertaking by one party (guarantor or surety) that if another party (e.g. contractor or obligor) fails to perform his obligations to another party (principal or beneficiary), the guarantor will make it good; although the liability of the guarantor does not arise until the obligor has actually defaulted. Types of bonds include Bid, Performance, Advance Payment, Credit, Maintenance, Retention Money, and Custom bonds, etc.
A computer (electronic equipment) insurance policy is purposely designed for the computer and its peripheral, i.e. data carrying material and air-conditioning plant. These are all parts of the electronic data processing installation and data-carrying materials including programs. The policy covers material loss or damage (theft or damage from external means and damage from internal sources, e.g. breakdown risks) and consequential loss (loss of data/increased cost of working).