ERECTION ALL RISKS INSURANCE POLICY

Bharti AXA Erection All Risks Insurance Policy is a comprehensive insurance, which provides complete protection against all types of risks involved in the erection of machinery, plant and steel structures of any kind, as well third-party claims in respect of property damage or bodily-injury arising in connection with the execution of an erection project.

What does this policy cover?

Coverage is on an 'all-risks' basis and in particular includes:

• Fire, lightning, explosion, aircraft damage
• Riot, strike, malicious act
• Flood, inundation, storm, cyclone and allied perils
• Landslide, subsidence and rockslide
• Burglary and theft
• Faults in erection
• Human errors,negligence.
• Short circuiting, arcing, excess voltage
• Electrical and mechanical breakdown
• Collapse, damage due to foreign objects, impact damages
• Any other sudden, unforeseen, accidental damages not explicitly excluded.

What is the sum insured?

The sum insured for the insurance should represent the completely erected value of the property, inclusive of freight, customs duty and erection cost.

What is the duration of this policy?

The cover comes into effect from the time of commencement of work or after the unloading of the insured property at the site, whichever is earlier, and expires on the date specified in the policy.

What additional covers does this policy offer?

Cover can be extended up to a limit chosen by the insured on the following, on payment of additional premium:

• Third-party liability
• Cross liability
• Cost of removal of debris
• Express freight, overtime charges
• Air freight
• Additional customs duty
• Escalation
• Owner's surrounding property
• Storage risk at fabricator's premises
• Maintenance cover

What does this policy not cover?

The general exclusions are given below:

• Loss or damage due to faulty design, defective material of casting and/or bad workmanship
• Manufacturing defects
• Loss or damage due to wilful act or wilful negligence
• Consequential loss
• Loss or damage due to war or warlike operations
• Loss or damage due to nuclear reaction, nuclear radiation or radioactive contamination
• Losses due to normal wear and tear, gradual deterioration
• Cessation of work
• Inventory losses

This is not an exhaustive list.