The Erection All Risks policy is a comprehensive insurance, which provides complete protection against all types of risks associated with erection, testing, commissioning of machinery, plant and equipment during constructional stage.
Erection All Risks Insurance embraces a wide variety of plant and machinery at all levels of complexity, ranging from the relatively straight forward positioning and connecting up of single manufactured items of equipment such as small pumps or electric motors to complete major industrial complex such as a large power station or manufacturing facility.Duration
The cover starts from the time of arrival of first consignment at site, normal storage and thereafter during erection, testing, commissioning until the plant is successfully commissioned and handed over.SCOPE
Insurance is on an ''all-risks'' basis and in particular includes
The Sum Insured for the insurance should not be less than the Completely erected value of the property inclusive of freight, customs duty and erection cost. Basically, insurance should be for the contract price.EXCLUSION
Some of the major exclusions under the policy are
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