Policy Scope and Coverage
EAR Insurance provides a very wide cover. Any sudden and unforeseen loss or damage occurring to the property insured on the erection site during the period of transit storage, erection, testing and commissioning will be indemnified. The causes of losses indemnifiable are:
- Accidental damage during transit
- Fire and act of God perils
- Theft, burglary
- Faults in erection
- Negligence, lack of skill and experience in erection malicious acts
- Explosion, collapse, short circuit, arcing, excess voltage
Exclusions
The cover is subject to some exclusions such as :
- Loss or damage due to faulty design, defective material or casting and/or bad workmanship in equipment manufacture
- Wilful negligence
- Consequential loss
- War and kindred perils
- Nuclear risks
- Cessation of work
- Inventory losses
Extensions
Additional covers can be structured as extension to the basic EAR cover, to suit the requirement of the contract. Some of the extensions are :
- Clearance of debris
- Damage to existing structure and/or surrounding property
- Contractor’s plant and equipment
- Expediting expenses
- Cross liability
- Maintenance period risks
- Strike, riot and civil commotion
- Express freight/air freight
- Offsite storage
