The Erection All Risk (EAR) insurance covers loss or damage to projects that involve the erection/installation of plant, machinery, and equipment ranging from the erection of a single machine to a large power plant. It protects a contractor or employer against physical loss or damage to the contract works, construction plant and equipment or machinery. It also includes cover for damage to the property of third parties and bodily damage to third parties.
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The erection all risk insurance policy is a type of insurance policy that provides cover for any loss or damage caused during the Installation of machinery or equipment in the factory or an office. This policy provides the employer financial aid for such eventualities as it can put a break in implementation, cause a financial burden and leave you feeling you have no control.
The policy can be taken out in the joint names of the contractor and the employer. All parties involved in any kind of construction may be insured:
EAR cover begins from the time of unloading of the first consignment at the project site and terminates on completion of testing or handing over of the project to the principal employer, or the period chosen, whichever is earlier.
The following are the eventualities against which you are covered:
Below are the available add-ons you can avail to extend your insurance coverage:
A few cases covered under this policy are fire, lightning, explosion and aircraft damage. It also covers any flood, cyclone, storm, landslide and related problems. In case any damage has been caused to your construction property due to malicious acts such as strikes or riots, it would also be covered under the policy.
However, before forwarding the claim letter to the insurer, please make sure that the claimant has mentioned her/his contact details on the form including her/his address as well as a phone number.
Please ensure that you don’t make any payment towards the third party until and unless you have been instructed by us to do so.
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