The scope of cover is like the Contractors’ All Risks Insurance but specifically designed for Erection/Installation projects, where the value of the Plant/Equipment to be erected dominate the Contract Value.
This cover is offered to Contractors and Principals and their subcontractors engaged in erection activities.
The Policy comprises of Two Sections:
Section I – Material Damage
Covers physical loss, damage or destruction of the property insured by any cause, other than those specifically excluded in the policy.
Section II – Third Party Liability
covers the legal liability of the Insured as a result of bodily injury to third party or property damage belonging to a third party arising out of performance of the contract works and happening on or in the immediate vicinity of the site, subject to standard Exclusions specified in the Policy Wording.