Construction
Coverage Type
All‑Risk
Minimum Sum Insured
रु. 1,000,000
Estimated Claim Settlement
≈92%
Coverage
Min Coverage
रु. 1,000,000
Max Coverage
रु. 100,000,000
Claim Settlement Rate (Shikhar Insurance)
93.92%Claims Paid: 4,823Claims Outstanding: 312
Description
Erection All Risk Insurance is a specially designed policy to protect the interests of contractors, principals, subcontractors and lenders with respect to erection and installation of plant and machinery. It is an all-risk policy covering every risk unless specifically excluded.
Features
- Protects contractors, principals, subcontractors and lenders
- Covers fire & lightning and chemical explosions
- Covers accidental damage during erection/installation (dropping, falling, human error, negligence, malicious acts)
- Includes water damage, flood, storm, landslide, rockslide, mudslide and earthquake
- Covers collapse, collision, impact and subsidence
- Sum insured should be full contract value including plant/machinery, taxes, freight, customs, handling and erection cost
Highlights
- All‑risk coverage (except specified exclusions)
- Protection for accidental damage during erection/installation
- Includes natural perils and physical impacts
- Sum insured should reflect full contract value