1. Contractors All Risks
Contractors All Risks Insurance is usually bought by contractors for contract
works related mainly to the construction of buildings, roads and bridges. The policy covers the main contractor, sub contractors
and all related parties for their respective rights and interests.
What it offers:
The policy indemnifies insured parties against loss or damage to contract works
on site. In addition, it also covers:
Covers third party
liability of insured
Insured Party/Parties
The Owner of Building/Project
Main Contractor
Sub-Contractor
Property Insured
- Work to be performed under the contract
- Provisional Installations (Barracks, Warehouse, Site Offices etc)
- Plant Machinery/Equipment
- Removal of Debris
- Professional Fees
Some examples of perils that are included in the coverage are:
Fire, Lightning, Water
Damage, Flood, Storm & Tempest Subsidence, Landslip, Cyclone, Hurricane, Earthquake, Volcano
Burglary & Theft
Explosion
Miscellaneous Impact
& Aircraft Damage
Accidental Damage,
Negligence, Collapse, Collision, Consequences Of Defective Materials, Casting & Defective
Workmanship
Some notable exclusions are:
All excesses stated
in schedule
Consequential loss
Willful act/willful
negligence of any official of the insured
Corrosion (Consequences
of it covered)
Non-Observance of trade
rules
War risks
Faulty design
Some common deductibles are:
Excess which will influence
the premium i.e. to prevent small claims
Extensions
Riot, strike and malicious
damage
Land Transit
Cross Liability
Extended Maintenance
et. al
2. Erection All Risks
The Erection All Risks policy or EAR is an engineering
class of insurance that provides protection against risks involved in the erection
of plants, machinery and steel structures of any kind (e.g. scaffolding or air-conditioning). It also affords protection from
3rd party claims in respect of damaged property or bodily injury arising from the erection works.
What it offers:
Coverage against losses, damages or third party
liability arising from the erection work and they include:
Fire, lightning and
explosion
Flood and storms
Theft and burglary
Lack of skill, carelessness,
malicious damage, incorrect supervision and erection errors
Landslide and other
acts of nature
3. Boiler & Pressure Vessel
Boilers and Pressure Plants store tremendous amounts of energy and may explode
e.g. as a result of the built up pressure of flue gases et.al. If an explosion, or implosion for that matter was to occur,
the boiler will suffer damage, in addition to property and/or other equipment nearby.
Traditionally, Boilers are covered under the Boiler & Pressure vessel
policy but it can also be covered under the Machine Breakdown Insurance policy. Some examples of industries that usually require
coverage would be power stations, palm oil mills, refineries and other wood based factories.
What it offers:
A Boiler & Pressure vessel policy will provide protection against:
Damage to the physical boiler
Damage to surrounding property belonging to you
(for example, machinery and building)
Third party liability from sustained injuries or
fatalities sustained by any non-employee
Third party liability to damages to property belonging
to third parties not in your custody or control
4. Storage Tanks
Since storage tanks are used to store either raw
materials or the finished product, and if they are damaged, businesses my not only suffer from the physical loss of the tank
but may very well lose their contents as well.
What it offers:
Damage to the tank
Loss of contents
Surrounding property
damage (3rd party liability is excluded)
Cleaning-up costs
