- Contractors’ All Risks
- Erection All Risks
- Contractor's Plant & Machinery
- Machinery Breakdown
- Loss of Profit Following Machinery Breakdown
- Electronic Equipments
- Deterioration of Stock Following Machinery Breakdown
This policy provides coverage against unforeseen and sudden physical loss or damage to civil contract works, contractor Plant and Machinery, Temporary facility, principal existing property as well as providing cover to the contractor against possible liabilities towards third parties.
Some of the causes of loss covered under CAR insurance include, but are not limited to: Fire, Lightning, Explosion, Flood, Inundation, Windstorm, Earthquake, Theft, Burglary, Negligence, Malicious Acts, Error & Omission and Bad Workmanship.
This policy provides coverage against unforeseen and sudden physical loss or damage to electrical or mechanical contract works , contractor Plant and Machinery, Temporary facility, principal existing property , losses or damages during testing and commissioning as well as providing cover to the contractor against possible liabilities towards third parties.
The causes of loss covered under EAR insurance include: Fire, Lightning, Explosion, Flood, Inundation, Windstorm, Earthquake, Theft, Burglary, Negligence, Malicious Acts, Error & Omission, Bad Workmanship, Faults in Erections, Short Circuiting, Arcing, Excess Voltage, Excess Pressure or Vacuum and Tearing Apart on the account of Centrifugal Force.
This policy provides contractors with plant and machinery coverage against unforeseen and sudden physical losses or damages from any cause except those excluded under the policy occurring at work, during maintenance operations, at rest.
This policy covers sudden and unforeseen physical loss or damage to machinery due to electrical, mechanical or external causes which are not specifically excluded under the policy.
In the event of a machinery or plant breakdown, the resultant monetary loss due to the halting of the production process could be enormous; thus, this insurance policy was specifically designed to indemnify the insured against the below eventualities:
• Loss of profit (LOP)
Insured standing charges i.e. continuing business expenses including salaries and wages paid to employees.
The increase of the cost of working means reasonable expenses would need to be incurred in order to avoid diminishing or reducing in turnover.
*This policy is also known as Consequential Loss Policy.
• Electronic Equipments
This type of policy covers physical losses or damages to electronic or electrical equipment such as Electronic Data Processing (EDP) equipment, Electrical Equipment like medical, communication and navigational equipment due to any unforeseen and sudden cause.
In addition to losses and/or damages to the equipment itself, this coverage also encompasses the following:
- External Data Media:
This section covers the loss of external data media which includes stored information and the cost of reprocessing and retrieving lost information
- Increased Cost of Working:
This entails, additional expenditure incurred on hiring or using a substitute for the EDP equipment, transport charges for personnel, their accommodation expenses away from their base and night work or work done during public holidays.
• Deterioration of Stock Following Machinery Breakdown
This policy is issued in combination with Machinery Breakdown policy, and covers the deterioration of stock kept in cold storage due to the breakdown of refrigerating machinery.