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1- Contractors All Risks (CAR) / Erection All Risks (EAR) Insurance
These policies are offered to the construction companies, contractors and the owners of such buildings and covers any loss of or damage to such construction and/or erection work whilst being constructed and or erected till completion and handover and normally extends for maintenance period agreed of such constructed / erected property .
2- Contractors Plant & Equipment Insurance
This policy provides insurance for loss of or damage to any plant and /or equipments such as Forklifts, Cranes etc whilst being used in the construction and/or erection site.
3- Electronic Equipment Insurance
Electronic equipment insurance is an “accident” insurance for all electronic and Data processing Equipments and provides cover on an all risks basis covering sudden and unforeseen losses which physically affect the subject matter insured.
4- Machinery Breakdown Insurance
This policy offers effective insurance cover for plant, machinery and mechanical equipment at work, at rest or during maintenance operations. Machinery insurance is an all risks “accident” insurance for machinery supplementing the coverage afforded by fire insurance. Thus it covers electrical / electronic and mechanical breakdown resulting in unforeseen and sudden physical loss of or damage to the insured items, necessitating their repair or replacement.
5- Boiler and Pressure Vessels Insurance
Boiler and Pressure Vessels Insurance covers damages to all steam generator or boiler plants arising out of their own explosions which is excluded under Fire and Perils / Property All Risks Policies.
6- Loss of Profits Insurance following Machinery Breakdown / Boiler and Pressure Vessels Explosion
Machinery Loss of Profits (MLOP) / Boiler Pressure Vessels Loss of Profits (BVLOP) insurance indemnifies the actual loss of gross profit sustained as a result of a business interruption caused by an accident covered under machinery breakdown insurance/Boiler and Pressure Vessels Explosion Insurance.
MLOP / BVLOP insurance compensates for:
- The continuing business expenses (standing charges) including the salaries and wages paid to employees
- The net profit
- The increase in cost of working, i.e. the additional expenditure necessarily and reasonably incurred for avoiding or diminishing a reduction in turnover
7- Deterioration of Stocks Insurance
This policy provides insurance of “deterioration of stock in cold storage” to meet the requirements of those Companies who want to insure themselves against deterioration of goods in cold storage due to a breakdown of refrigerating machinery.
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