Contractors' All Risks
Contractors’ All Risks Insurance cater mainly to the protection needs of the construction industry. This policy is designed to provide protection against losses or damages in respect of the contract works at contract site and third (3rd) party claims arising in connection with the construction of a project. With additional premium, the cover may include Construction Plant and Equipment, Construction Machinery, Removal of Debris, Professional Fees and Principal’s Existing Property. Duration of cover corresponds with the contract period which is stipulated in the Letter of Award.
Erection All Risks
The Erection All Risks insurance covers all kinds of erection and testing on individual machine, industrial machinery, industrial plants, steel works and/or structure as well as third (3rd) party property and/or bodily injury arising in connection with the erection work. The cover may include Civil Engineering Works, Equipment for Erection, Removal of Debris, Professional Fees and Principal’s Existing Property. Duration of cover corresponds with the contract period which is stipulated in the Letter of Award.
Civil Engineering Completed Risk Insurance
The Civil Engineering Completed Risk insurance provides coverage against losses or damages to civil engineering structures after their completion such as highways, roads, bridges, tunnels, dams etc. The coverage is only granted for material damage to the structures insured and only repair costs are indemnifiable.
Boiler & Pressure Vessel Insurance
The Boiler and Pressure Vessel insurance provides coverage against explosion of any boiler or pressure vessel insured whilst in the course of ordinary work.
- Damages (other than by fire) to any boiler or pressure vessels or other apparatuses.
- Damages to auxiliaries and surrounding properties (e.g. buildings and machineries).
- Death of or bodily injuries to third parties.
- Damages to third party properties.
- Machinery & Equipment Insurance.
- Machinery & Equipment Insurance is designed to cover immobile industrial or commercial equipment. It covers various risks such as fire, lightning, theft and external accidental damage.
Machinery Breakdown Insurance
Many businesses have invested large sums of money into acquiring machineries that fit their specific business requirements. However, these machineries can potentially breakdown or stop working. The Machinery Breakdown insurance provides cover against sudden and unforeseen physical damage to your machineries whether at work or at rest and during cleaning, inspection, over-hauling, and removal to another position within the premises. The policy covers all accidental damages or losses due any causes except those specifically excluded in the policy.
Contractors' Plant & Machinery Insurance
The Contractors Plant and Machinery insurance provides coverage for the plant and machinery used by contractors at construction sites. The policy provides protection against losses or damages from any causes not specifically excluded in a manner necessitating repair or replacement. The sum insured should equal to the cost of replacement of the same kind and capacity via the cost of replacement including freight, dues and customs duties plus cost of erection.
Deterioration of Stock in Cold Storage Insurance
The Deterioration of Stock in Cold Storage insurance provides coverage against losses due to the deterioration of stocks in the cold storage rooms following a breakdown of the cooling machinery which damage is indemnifiable under the Machinery Breakdown insurance.
Electronic Equipment Insurance - Electronic Shield Insurance
The Electronic Shield Insurance provides coverage for your computers and other electronic equipment and it applies whether the items are at work or at rest or being dismantled for the purpose of cleaning, overhauling or being shifted within the premises. It covers three (3) sections which are material damage, data media cover and increased cost of working.
Machinery Breakdown Loss of Profit Insurance
The Machinery Breakdown Loss of Profit insurance provides coverage against loss of gross profit due to business interruption caused by an accident indemnifiable under Machinery Breakdown Insurance. The loss of gross profit is as a result of reduction in turnover due to decreased in production and increased in cost of working.
Mobile Plant & Equipment Insurance
The Mobile Plant and Equipment insurance covers mobile equipment such as forklifts, excavators, mobile cranes, tractors and other self-propelled vehicles which are not licensed for road use. It is also suitable for static heavy equipment which operates within the premises or in the open. This policy covers the losses or damages to the equipment, its standard accessories and parts due to:
- Accidental collision or overturning consequent upon mechanical derangement.
- Fire, external explosion, self-ignition or lightning.
- Burglary, housebreaking or theft.
Storage Tank Insurance
The Storage Tank insurance provides coverage against sudden and unforeseen physical losses or damages to storage tanks, primarily bulk storage tanks such as palm oil tanks or fuel oil tanks. These tanks are susceptible to many forms of accident or extraneous damage which include impact damage, bursting, splitting, rupture and collapse. The policy can also be extended to cover the loss of contents in the tanks.