+91 90333 30444
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Erection All Risk Policy

What is Erection All Risks Insurance?

Erection All Risks (EAR) insurance provides comprehensive coverage for principals, contractors, manufacturers, and suppliers involved in erecting machinery and plants. It protects against financial losses caused by sudden, unforeseen events leading to loss or damage at the project site during storage, erection, testing, or maintenance.

EAR insurance caters to the evolving market needs driven by technological advancements and diverse project scales. It covers large-scale projects like thermal power plants, oil refineries, and fertilizer plants, as well as smaller installations such as computers or electrical equipment.

Who needs Erection All Risks Insurance?

Property Owners & Renters
Small Business Owners
Medium Business Owners
Large Business Owners

Why you should Buy Erection All Risks Insurance?

The need of Erections All Risks insurance is more than ever before due to the following reasons

Risk Optimization

Expertise in risk minimization and mitigation.

Safety Solutions

Special value added services team dedicated for risk advisory and safety installations.

Swift Settlement

Speedy claims settlement with single documentation.

Financial Resilience

Financial strength and supreme claims paying capacity..

What’s Covered in Erection All Risk Insurance?

  • Location Risks: Fire, Lighting, Theft, Burglary & Housebreaking.

  • Testing and Commissioning Risks*: Failure of Safety Devices, Leakage of Electricity, Insulation failure, Short circuit, explosion.

  • Act of God: Storm, Tempest, Hurricane, Flood, Inundation, Subsidence, Landslide, Rockslide, earthquake.

  • Handling Risks: Impact from falling objects, Collision, Failure of Cranes or Tackles etc.

  • Risk of Human Element: Carelessness, Negligence, Faults in Erection/Construction, Strike & Riot, Malicious damage, Terrorism.

  • *Testing Perils: Maximum value at risk.

  • War & Allied Perils.

  • Wilful act or wilful negligence of Insured/ his representatives.

  • Excess in respect of each claim as stated in the policy.

  • Normal wear and tear, gradual deterioration, lack of use, obsolescence, rust, etc.

  • Any damages/ penalties on account of the Insured of the terms of delivery/ completion under his contract of construction.

  • Nuclear & Allied Perils.

  • Cessation of work.

  • Losses discovered only at the time of taking an inventory.

  • Loss/ damage due to faulty design, defective material or casting other than faults in erection.

  • Consequential loss/ liability of any kind.

The insurance cover is subject a few exclusion listed in the policy which are applied internationally and are common to the insurance industry. * Its inbuilt cover in EAR, for CAR specific request to be made to UW.

Frequently Asked Questions

The policy can be taken by any individual or organisation as Principal or Contractor of a project. It can be taken in joint names also.

EAR policy offers protection to Principals and Contractors and also to Manufacturers and Suppliers erecting machinery and plant etc. against financial loss due to any sudden fortuitous and unforeseen causes resulting in loss or damage to the property insured at the project site whilst being stored, erected, tested and maintained.

Yes

The Policy indemnifies the Insured in the event of unforeseen and sudden physical loss or physical damage to the Property Insured arising:

  • During the period of Insurance
  • Whilst at the Project Site (or in storage)

Erection All Risk Policy provides cover for electromechanical projects, erection of various type of plants and T&D network.

Yes, Third Party Cover can be opted upto 10% of Sum Insured or upto INR 25 Crs, whichever is greater.

The testing period shall commence for each item of property insured with the application of the first test-load or the first introduction of fuel, feedstock or process materials and shall last for the duration specified in the schedule or until the item has passed its tests, whichever is the earlier.

  • Covers Loss or damage caused by contractor while carrying out obligations under maintenance contract.
  • Cover loss or damage occurring during maintenance period provided such loss or damage was caused during construction / erection period.

Yes

Yes they are as per Risk Occupancy

Yes they are as per Risk Occupancy

We have MyRA – Email Based BOT system to generate quotes and policies.

  • Detailed RFQ
  • Principal, Contractor, Sub-contractor details
  • Estimated Cost of project- contract cost, Other than Project BOQ material, Taxes etc.
  • Projects Start date, End date, and Bar chart.
  • Details towards Testing for EAR projects.
  • Equipment details like Imported equipment, second-hand details for EAR projects.
  • Sum Insured breakup towards different scope of works
  • Risk location details, in case of multiple locations- names of all locations. (Lat-long coordinates & Google maps
  • required for road projects, transmission lines)
  • Complete/Detailed scope of works or contract copy.
  • Wet works details and sum insured if involved.

At Finoxo Solutions, we specialize in providing tailored insurance solutions that cater to both commercial and individual needs. With a commitment to excellence and innovation, we ensure our clients receive comprehensive coverage and unmatched service for their peace of mind.

Address

B-407, Decora 9 Square, Nr. Nana Mava Chowk,RAJKOT

+91 90333 30444

info@finoxo.in

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