Engineering

Contractors All Risks

This insurance is to provide necessary financial protection to the Owners and / or the Contractors, executing an "Project", if such a project should require repair, replacement or reinstatement, as a result of it being subject to a sudden and unforeseen physical loss or damage during its execution and/or maintenance.

Scope of Cover - The policy indemnifies the 'Insured' named in the policy, for monetary losses, suffered by the insured as a result of loss or material damage to the insured "Project" (Being the Contract Works & Property insured in connection therewith) upto the full Sum Insured, arising from every risk not specifically excluded. The Policy also provides indemnity towards Third Party Claims (for Bodily Injury or Property Damage) upto the Limit chosen and specified under Section II of the Policy.

Interests Covered - "Contract Works",(which would include all costs of materials to be incorporated therein), all temporary and permanent works to be executed in performance of the "Project" including such associated property which is on site, in storage and in transit. In addition, other Property belonging to the Owners (Principals Existing Property); Contractors Plant, Equipment and Machinery, at the Project Site are also coverable. Reasonable costs for "Debris Removal", "Architects/Consultants Fees", "Airfreight", "Overtime and Night works".

Premium Rating - rate per mille on total contract value is charged depending on the nature and type of contractual works, extent and period of coverage, deductible agreed, claims experience of contractor, method of operation.

       Main Exclusions:

• Willful negligence or willful acts.
• Loss or damage to construction plant/equipment & machinery due to electrical / mechanical breakdown etc.
  
• Loss or damage due to faulty design.
• Nuclear reaction, radiation or contamination.
• Consequential losses of any kind.
• Losses due to delays, fines and penalties.
• War or Warlike operations.

Subject otherwise to the terms, conditions and other exclusions of the Policy.

Erection All Risks Insurance

This insurance is to provide necessary financial protection to the Owners /Suppliers and / or the Contractors, executing a Project (involving erection of machinery, plant or steel structure) which suffers sudden and unforeseen physical loss or damage during the period of erection/testing/commissioning or its maintenance, necessitating its repair, replacement or reinstatement.

Scope of Cover - The policy indemnifies the 'Insured' named in the policy, for monetary losses, suffered by the insured as a result of loss or material damage to the insured "Project" (Being the Erection Works and all other property insured in connection therewith) upto the full Sum Insured on an "All Risks" basis. The Policy also provides indemnity towards Third Party Claims (for Bodily Injury or Property Damage) upto the Limit chosen and specified under Section II of the Policy.

Interests Covered - "Project" would include all "Erection Works", (i.e full cost of items to be erected), all temporary and permanent works to be executed in performance of the "Project" including associated property on site, in storage and in-transit. In addition, other Property belonging to the Owners (Principals Existing Property); Erection Equipment and Machinery, at the Erection Site are also coverable. Reasonable costs, in the event of a claim, for "Debris Removal", Surveyors/Consultants Fees" etc... can also be recovered.

Premium Rating - rate per mille on total contract value is charged depending on the nature and type of erection works, extent and period of coverage, deductible agreed, claims experience of contractor, method of operation, conditions at the worksite, type of equipment.

        Main Exclusions:

• Willful negligence or willful acts.
• Loss or damage to construction plant/equipment & machinery due to electrical / mechanical breakdown etc.
  
• Nuclear reaction, radiation or contamination.
• Consequential losses of any kind.
• Losses due to delays, fines and penalties.
• War or Warlike operations.

        Subject otherwise to the terms, conditions and other exclusions of the Policy.

Machinery All Risks Insurance

This insurance is to provide indemnification to the "Owners" (the insured) for financial loss as a result of physical loss or damage to their construction machinery and equipment as well as related plant (such as batching plants) either on single 'Project' or on 'Annual' basis.

Scope of Cover - The policy covers monetary losses, due to sudden and unforeseen physical loss of or damage to the insured items upto 'Sum Insured' (being full replacement cost) from any cause, other than those specifically excluded in the policy.

Property Insurable - The Policy can cover all types of Machinery, Equipment and Associated Plant (Temporarily fixed at contract sites) whilst such items are in operation or at rest, or in dismantled state (e.g., for servicing). Thus all types of earth-moving machinery, fixed and movable lifting machinery, such as cranes, batching plants and cutting tools, etc are all coverable.

Premium Rating - rate quoted on an Annual and per mille basis on the total sum insured based on the value of each individual item indicating the replacement value of such item(s).

        Main Exclusions:

• Damage due to Mechanical or Electrical Breakdown.
• Normal wear and tear during the ordinary course of use/operation.
  
• Willful negligence or willful acts.
• Losses due to faults, or defects for which the manufacturer or supplier is responsible.
• Consequential losses of any kind.
• Nuclear reaction, radiation or contamination.
• War or Warlike operations.

        Subject otherwise to the terms, conditions and other exclusions of the Policy.

Machinery Breakdown Insurance

This insurance is to provide required financial protection to the "Owners" (the insured) of all types of machinery/plant/ mechanical equipment and associated apparatus (the insured property) as a result of such property suffering physical "loss" or "damages" due to the sudden and unforeseen event during the period of insurance.

Scope of Cover - The policy indemnifies the 'insured' named in the Policy, for monetary losses, due to a sudden and unforeseen physical loss of or damage to the insured items (to be properly listed and specified in the policy schedule) upto 'sum insured' (being full replacement cost) on "All Risks' basis supplementing the coverage afforded by "Fire and Allied Perils" insurance.

Property Insurable - The Policy can cover all the machinery, plant and associated apparatus whilst at rest or in operation, except those items having a short service life, such as interchangeable tools; sieves; engraved cylinders; stamps; dies; ropes; chains; belts; parts made of glass/rubber/wood or ceramics. Also operating media such as fuels/ refrigerations/catalysis/lubricants, etc are not insurable.

Premium Rating - rate quoted on an Annual and per mille basis on the total sum insured based on the replacement value.

        Main Exclusions:

• Fire, lightning, chemical explosion, burglary or theft.
• Normal wear and tear during the ordinary course of use/operation.
  
• Willful negligence or willful acts.
• Losses due to faults, or defects for which the manufacturer or supplier is responsible.
• Consequential losses of any kind.
• Nuclear reaction, radiation or contamination.
• War or Warlike operations.
• Acts of Gods, such as earthquake, landslide.

        Subject otherwise to the terms, conditions and other exclusions of the Policy.

Business Interruption Insurance

Concept - The object is to restore the business to financial position that would have been achieved had the peril insured against not happened. To avail benefits of this insurance, insured should first have material damage insurance policy (e.g. Fire Insurance Policy). Business Interruption Insurance helps to preserve the financial stability of the business by covering the anticipated earnings made from the use of insured's assets or business.

Coverage - Before Business Interruption Insurance can operate, material damage must occur resulting in an interruption affecting the business. Policy will not operate unless:

• There is a material damage insurance in force (e.g. Fire Insurance) covering the insured's interest in the property at premises specified and such damage resulting from a peril insured which caused the said interruption.
• The material damage insurers have paid or admitted liability for damage.
  

Sum Insured - An adequate amount for the period chosen and depending on the net profits, standing charges of the insured's business, such as wages, rent etc.but items like additional cost of working can also be covered.

Basis of Indemnity - This depends on the indemnity period chosen by the insured which usually does not exceed three years from the date of the damages affecting the business and during which the policy protection operates. Assessment of the indemnity is based on the value of stock immediately before the damage and compensation is calculated on the percentage basis for loss suffered by each item as mentioned in the policy.

Premium Rating - Calculated at a rate percent on the sum insured.

        Subject otherwise to the terms, conditions and exclusion of the Policy.

Deterioration of Stock

                                              UPDATED SHORTLY

Computer and/or Electronic Material Insurance

This insurance compensates for any loss and/or damage to your sophisticated and valued computer equipment caused by an insured peril as negligence, willful acts of third parties, fire, lightning, inundation, burglary, Acts of God, short circuits etc.

Interests coveredinclude physical loss or damage to your equipment and its peripherals due to an accident whilst the equipment is working or at rest, being dismantled, moved or re-erected for the purpose of cleaning, inspection, repair or installation, in another position within the insured premises.

Special Exclusions - Loss or damage due to faults known to the Insured, wear and tear, consequential loss of any kind.

Premium Ratingis done on per mille basis on total sum insured.

Extensions - The cover can be extended to include:

• Increase in the cost of working.
• Reinstatement of Data following physical loss or damage due to an insured peril.
  

        Subject otherwise to the terms, conditions and exclusion of the Policy.