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1. Contractor’s All Risk
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2. Erection All Risk
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3. Electronic Equipment Insurance
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4. Contractor’s Plant and Machinery
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5. Machinery Breakdown Insurance
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6. Machinery Loss of Profits
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7. Deterioration of Stock Insurance
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Contractor’s All Risk
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The contractor all risks policy is specially designed to cover for loss or damage
to predominantly civil engineering construction projects ranging from small villa
to construction of bridges or high rise.
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This is an “All Risk” policy covering various activities of construction (except
specific exclusions as mentioned in the policy)
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Contractors all risk Policy covers the risk of accidental physical loss or damage
in respect of the contract works, during the execution of a civil project. CAR insurance
provides an ‘all risk ‘cover. All perils are covered unless specifically excluded.
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This policy can be taken out in the joint names of the contractor and the employer.
This policy enables the Contractor or Employer to comply with the insurance requirements
of the Contract.
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The other section of the policy covers legal liability falling on the insured contractor
as a result of bodily injury or property damage belonging to a third party.
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Erection All Risk
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The Erection All Risk policy is specially designed to cover loss or damage to projects
that involves erection/installation of plant, machinery and equipment ranging from
erection of a single machine to a large power plant.
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This is an "All Risk" policy covering various activities of erection/installation,
testing and commissioning of plant and equipments (except specific exclusions as
mentioned in the policy). It protects a contractor or 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.
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The policy can be taken out in the joint names of the contractor and the employer.
This policy enables the Contractor or Employer to comply with the insurance requirements
of the Contract.
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Electronic Equipment Insurance
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The electronic equipment insurance policy is an all risk policy designed for computers,
medical, biomedical, microprocessor, and audio/visual equipment including the value
of system software.
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The policy covers material damage to the Electronic equipment, increased cost of
working following damage to the equipment and also the additional (clerical) costs
incurred for reinstatement of the lost data.
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Contractor’s Plant and Machinery
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This policy covers unforeseen and sudden physical loss of or damage to the insured
items, necessitating their repair or replacement. The cover, which excludes internal
breakdown, applies at work, at rest or during maintenance operations and is not
limited to a specific construction site.
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Machinery Breakdown Insurance
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The policy covers unforeseen and sudden physical damage to any mechanical and electrical
machinery and/or equipment at work, at rest or during maintenance operationsby any
cause necessitating repairs and/or replacement.
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Machinery Loss of Profits
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The Machinery Loss of Profit Insurance protects the loss of gross profit and/or
increased cost of working due to a continuing interruption to business caused by
a breakdown covered by the Machinery Breakdown insurance.
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The interruption usually comes in the form of time spent in arranging repairs, awaiting
delivery of repaired or replacement parts (sometimes from overseas), starting up
the plant and re-activating the business.
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Deterioration of Stock Insurance
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The insurance of “deterioration of stock in cold storage” is designed to meet the
requirements of those who want to insure themselves against deterioration of goods
in cold storage due to a breakdown of refrigerating machinery. Deterioration of
stock insurance is a complementary cover to machinery insurance and may only be
taken out in connection with the latter.
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The causes of an indemnifiable claim for deterioration of stock may be due to a
rise or fall in cooling temperature or the unforeseen and sudden escape of refrigerants
into the cold-storage rooms or due to an incorrect composition of the storage atmosphere
In the case of CA storage, (controlled atmosphere storage) directly resulting from
any material damage to the refrigeration plant, which is indemnifiable under machinery
insurance.
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If you would like to know more please Contact us or
if you would like to get a quote Click Here.
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