This insurance policy aims at providing financial protection to the insured against loss, damage or liability that can occur during erection, construction and installation of any structure. It also covers loss of or damage to the plant or equipment. The types of policy issued under this insurance are:
Erection All Risk: This policy protects the insured who erects plant and machinery against financial loss due to damage to the structure while being erected, tested or maintained.
Machinery Breakdown: This policy protects the insured against damage to the machinery caused by breakdown from sources within the machinery.
Plant All Risk: This policy covers loss or damage to the insured from any cause outside the machine e.g. fire, theft, impact etc. It specifically excludes machinery breakdown.
Contractors' All Risk: This policy covers the insured against loss, liability and/or damage that can occur during construction. Plant and machinery on site or third party liabilities caused by the construction project are also covered.