PERSONAL INSURANCES

All risk policies establish vital assurance for contractors. This insurance, including a wide range of elements of coverage for Liability, Personal Accident, Contractor?s Plant and Equipment, provides protection against a myriad of unexpected risks that can arise due to acts of God, and technical and human factors, in construction projects starting from the unloading of constructional materials and equipment to be assembled to the commissioning period of the plant.

All risk policies establish vital assurance for contractors. This insurance, including a wide range of elements of coverage for Liability, Personal Accident, Contractor?s Plant and Equipment, provides protection against a myriad of unexpected risks that can arise due to acts of God, and technical and human factors, in construction projects starting from the unloading of constructional materials and equipment to be assembled to the commissioning period of the plant.

This insurance is a form of coverage that applies in case of machinery breakdown caused by an accident where the cause of loss may be due to technical or human reasons and requires expertise in accordance with options of clauses it contains.

Elements of cover required to be considered for machinery breakdown insurance

• Operational accidents
• Manufacturing, assembly and workmanship defects
• Lubrication defects
• Loss or damage caused by electric power, electrical equipment defects, voltage fluctuations (voltage regulators etc., provided that necessary precautions are taken by the insured) and even by atmospheric electricity,
•  Obstruction or entry of foreign substances into machines,
• Fractures caused by centrifugal forces,
• Loss or damage caused by the failure of steam boilers and lack of water,
• Water hammering, abrupt heating and cooling,
• Crushes, wrinkles and impairments caused by the decrease of pressures inside closed vessels,
• Loss or damage caused by the neglect, defect, omission or negligence of the personnel or third parties.

This is an insurance policy that provides protection against loss or damage arising out of sudden and unexpected causes whilst during a customary operation after the trial period of the insured electronic equipment, or during the clean-up, overhaul, revision or replacement (relocation) at the same workplace or while in a standing position, in accordance with the predetermined conditions of the policy.

The contractor?s plant and machinery insurance covers loss or damage arising out of perils covered under the policy terms and conditions on an annual basis while such plant and machinery is maintained for the insured construction / erection works at the risk location (construction site).

The contractor?s plant and machinery means machinery used by an operator and operated on its own power from one place to another place. (For instance; tower crane, mobile (travelling) crane, loader, dozer etc.) Such plant, machinery and equipment?s sums insured are sums declared by the insured and cannot be less than the market?s current value (fair market value) of the machinery and equipment.

The contractor?s plant and equipment insurance covers loss or damage arising out of perils covered under the policy terms and conditions on an annual basis while such plant and machinery is maintained for the insured construction / erection works at the risk location (construction site).

This is wide and comprehensive coverage, in particular, provided for industrial facilities/plants. It provides insurance against the physical damage and loss of profit for the plant and machinery in operation. It is an all risks insurance policy covering any physical damage to products, stocks, buildings etc. It is also extended to cover fire and allied perils for energy (power) plants where engineering risks are further prevailing in contrast to industrial risks.

This coverage is applicable to erection and construction projects. However, it is particularly relevant to risks such as hydroelectric plants which involve both construction and machinery erection works. In addition to Third Party Liability and contractor?s plant and machinery, this policy is a comprehensive insurance product that includes a marine cargo section.

This is an Advanced Loss of Profit Insurance for energy and construction risks in relation to delays of construction and erection completion periods following a loss.

Delay in-start-up insurance insures the loss of income or additional expenses incurred as a result of the delay between the originally anticipated completion operation date and the achieved date of a commercial operation resulting from risks covered under the construction insurance policy.

The Machinery Loss of Profit Insurance indemnifies the actual financial losses sustained as a result of the business interruption caused by the breakdown of machinery owned by the Insured.