On-shore Construction Risks
Onshore Construction Risks insurance offers coverage for infrastructure construction projects such as oil, gas, power, petrochemicals etc., against physical loss or damage.
The cover commences with transportation and mobilization of equipment and terminates once the final certificate of handover is issued – any maintenance period thereafter can also be covered.
The policy provides coverage under two broad sections.
Section – A
This section covers All Risks of physical loss or damage to contract works, including temporary works. The cover would include builders risks and cargo coverage, sue and labour, removal of wreck for a separate limit, removal of wreck and debris separate limit, existing property, expediting expenses, war etc. subject to waterborne agreement and maintenance period.
Section – B
This section covers Third Party liabilities arising from operations for an agreed limit.
Underwriting Information Required
- The scope of work of the contract, including bar charts showing project time scale, design of the facility and method of transit/installation at site.
- Contract value broken down over major component parts, including pipelines if any.
- Details of construction yard(s), contractors and suppliers of major components parts to be covered while in transit to main yard.
- Details of owner, including management experience, other operations, maintenance and safety procedures.
- Previous loss record of yard and/or construction contractors.