This plan is very useful for Principal, Contractors and Sub contractors, Manufacturers undertaking projects involving Storage and Erection of Machinery, Plant and Steel Structure, Equipment of any kind. This plan can be tailored to meet your tender requirement which specifies the need to have adequate and comprehensive protection during erection.
This plan provides you with a comprehensive financial protection against loss or damage to the Storage and Erection works including Temporary structures , Erection plant and equipment. In addition to this you are also covered against legal claims in respect of third property damage or bodily injury/death arising out and whilst in the course of the Erection of the project.
The cover can be taken by the Principal or the Contractors engaged in the project, including all Subcontractors, Financial Institutions. The scheme covers all participants directly involved in the contract for their respective rights and interests.
If your project relates to Storage, Erection, Installation, Testing and Commissioning works for electromechanical equipment (e.g. Turbines, Transformers, Boilers,) then this plan is suitable for you.
The Plan provides financial protection against any accidental physical loss or damage to the covered works except those related to the excluded causes as specified in the Certificate. Normally, claims under this Plan arise from the following causes:
Fire, Lightning, Cyclone, Hurricane, Flood, Storm, Tempest, Inundation subsidence, Landslide, Rockslide, Subsidence, Earthquake, Volcanic Eruption.
Social Perills: Riot, Strike and Civil Commotion, Malicious Damage, Burglary or Theft.
Human errors: lack of skill, bad workmanship, negligence
Chemical Perills: Explosion, Spontaneous Combustion
Miscellaneous: Impact and Aircraft Damage, Electrical or mechanical breakdown or explosion during testing or commissioning of new machinery, Accidental damage during assembly, dropping or falling or breakage of sling, collapse and collision
The cover under this plan can be extended to include Goods in Transit, surrounding property of Principal, Off-site storage and Costs of Removal of Debris.
The period of cover is based on the Contract period and normally range from 3 months to 36 months including testing and commissioning period followed by maintenance period.