If construction work is your business, you know that insurance is one of the most important things. It financially protects your workers, equipment, and business from accidents or natural disasters. Engineering All Risk Insurance (more popularly known as Erection All Risk insurance) is a type of construction insurance that covers the cost of repairing or rebuilding structures that have been damaged or destroyed. It can also cover the cost of productivity lost due to construction delays.
Erection All Risk (EAR) insurance is essential for any business that erects structures, whether a small home builder or a large commercial contractor. It’s a necessary part of a business that helps to protect your bottom line.
Erection Insurance can save construction engineers from potential bankruptcy arising out of the following scenarios:
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Erection All Risk insurance protects against the financial risks of erecting a new building, unloading at a construction site, storage, trials, maintenance, physical damages, and the cost of any necessary repairs.
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It can offer peace of mind knowing that there is insurance to cover the costs if things deviate from the plan during the construction process.
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It can also help protect against any legal liability that may arise from the construction process.
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In some cases, Erection All Risk insurance can also cover the cost of demolishing a faulty structure.
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For businesses, Erection All Risk insurance can help protect against financial losses if a project is delayed or halted due to problems with the construction.
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In some cases, Erection All Risk insurance can also cover loss of rent or earnings if a business is forced to close due to construction problems.
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For individuals, Erection All Risk insurance can help cover the cost of repairs if a home is damaged during the construction process.
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It can also provide cover for the cost of alternative accommodation if families are constrained to move out of their homes for construction temporarily.
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Since the Erection All Risk policy offers comprehensive protection, the list of inclusions is quite long as follows:
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Coverage for loss or damage to the insured property during erection
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Coverage for professional fees and expenses incurred concerning the rectification of any faults or defects in the Insured Property.
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Coverage for loss or damage to scaffolding, formwork and falsework
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Coverage for temporary works
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Coverage for lifting operations
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Cover for load testing
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Cover for trial assemblages/ erection of prototypes
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Cover for work in connection with the construction of foundations
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Protection and indemnity cover the Insured’s liabilities arising out of the performance of the contractual obligations under the Erection Contract
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Cover for loss of or damage to erection plant and machinery
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Cover for third party liability arising out of the erection operations
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Cover for loss of or damage to materials, parts and equipment whilst in transit to the site of the insured property
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Cover for loss of or damage to materials, parts and equipment whilst in storage at the site of the insured property
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Cover for loss of or damage to materials, parts and equipment during installation
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Cover for Architects’, Engineers’ and Surveyors’ fees and expenses incurred for the rectification of any faults or defects in the Insured Property
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Cover for loss of rental income arising from any delay in the completion of the Insured Property caused by an insured event
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Cover for loss or damage to temporary buildings erected on the site of the Insured Property
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Cover for professional fees and expenses incurred for the redesign of the Insured Property as a result of any loss or damage covered by the policy
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Cover for loss of or damage to prefabricated units whilst in transit to the site of the insured property
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Cover for loss of or damage to prefabricated units whilst in storage at the site of the insured property
Mahaprabhu Chandravan runs a medium-sized clothes manufacturing business. He sees great potential in opening another manufacturing unit in Kolkata. He sends a team of engineers to the location. Since he would need to install new plants and machinery at the Kolkata unit, he took out an Erection All Risk Insurance policy.
The work progresses well throughout the day. At night, an earthquake strikes out of nowhere and damages the foundation of the construction site. Mahaprabhu quickly intimates the Insurance Company. After investigating the incident, the insurer found the valuation of the financial damage. It paid the amount to Mahaprabhu to rebuild the foundation.
By opting for an Erection All Risk Insurance, Mahaprabhu avoided a massive loss.
When choosing Erection All Risk Insurance, there are a few things you need to keep in mind. Firstly, ensure that you’re getting the right coverage for your needs.When choosing Erection All Risk Insurance, there are a few things you need to keep in mind. Firstly, ensure that you’re getting the right coverage for your needs.
Secondly, compare quotes from several different insurers to get the best price.
Finally, make sure that you understand the terms and conditions of your policy before you sign on the dotted line. By carefully reading over your policy, you can avoid any unpleasant surprises down the road.
Check out ICICI Lombard, one of India’s leading insurers. They offer comprehensive coverage under their renowned ICICI Lombard Erection All Risk Insurance.
These simple tips can get you the best possible deal on your Erection All Risk Insurance.
- Erection All Risk Insurance
- Product Code: 5006
- Product UIN: ICIHLGP21381V05202