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Erection All Risks (EAR) insurance provides protection to principals, contractors, manufacturers, and suppliers who are erecting machinery, plants, and other equipment against financial loss resulting from sudden and unforeseen causes that may cause loss or damage to the insured property at the project site during storage, erection, testing, and maintenance.
EAR insurance is designed to meet the ever-changing needs of the market, driven by advances in technology and economic structures, and applicable to projects of all sizes, from large projects such as Thermal Power Stations, Oil Refineries, Fertilizer Plants, to small projects such as installation of computers or electrical equipment.
• Property owners or renters
• Small Business owners
• Medium Business owners
• Large Business owners
Location Risks: Fire, Lighting, Theft, Burglary & Housebreaking.
Testing and Commissioning Risks*: Failure of Safety Devices, Leakage of Electricity, Insulation failure, Short circuit, explosion.
Handling Risks: Impact from falling objects, Collision, Failure of Cranes or Tackles etc.
Risk of Human Element: Carelessness, Negligence, Faults in Erection/Construction, Strike & Riot, Malicious damage, Terrorism.
Testing Perils: Maximum value at risk.
War & Allied Perils.
Wilful act or wilful negligence of Insured/ his representatives.
Excess in respect of each claim as stated in the policy.
Normal wear and tear, gradual deterioration, lack of use, obsolescence, rust, etc.
Any damages/ penalties on account of the Insured of the terms of delivery/ completion under his contract of construction.
Nuclear & Allied Perils.
Cessation of work.
Losses discovered only at the time of taking an inventory.
Loss/ damage due to faulty design, defective material or casting other than faults in erection.
Consequential loss/ liability of any kind.
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