ERECTION ALL RISKS
It covers the insured against sudden and unforeseen physical loss of or damage to the property insured.
Features & Benefits
- The liability of the company shall commence only from the time after the unloading of the property specified in the schedule from any conveyance at the site specified in the schedule and shall continue until immediately after the first test operation or test loading is concluded (whichever is earlier) but in no case beyond four weeks from the day on which after completion of erection a trial running is made and/or readiness for work is declared by the erectors/contractors, whichever is earlier.
- If however, a part of a plant or on several machine(s) is/are tested and put into operation, the cover and consequently the liability of the company for that particular part of the plant or machine ceases whereas it continues for the remaining parts, which are not yet ready.
- In case after the expiry of four weeks of trial running, approval of the plant or any part thereof is not given by the concerned authorities, the cover for the extended period of further trial running can be covered at extra premium to be arranged beforehand. If the actual erection period is shorter than the period indicated in the schedule, no refund of premium shall be allowed, unless specifically allowed by Insurers.
- In the case of second-hand/used property, the insurance hereunder shall however, cease immediately on the commencement of the testing.