Contractors’ all risks (CAR) insurance
is a non-standard insurance policy that provides coverage for property damage and third-party injury or damage claims, the two primary types of risks on construction projects. Damage to property can include improper construction of structures, damage that happens during a renovation, and damage to temporary work erected on-site.
Erection All Risks Insurance
This policy offers comprehensive and adequate protection against all the risks involved in the erection of machinery, plant and steel structures of any kind, as well as third-party claims in respect of property damage or bodily injury arising in connection with the execution of an erection project.
Delay in Start Up [DSU]
is also referred to as Advanced Loss of Profits [ALOP]. DSU insures project owners for the financial consequences (as described in the policy) of a delay to project completion arising from an insured physical damage event. The cover is best purchased with the Contractors All Risks/Erection All Risks (CAR/EAR) policy covering physical loss or damage to the project
Machinery Breakdown (MBD)
provides effective insurance cover for plant, machinery and mechanical equipment at work, at rest or during maintenance operations. It covers unforeseen and sudden physical loss of or damage to the insured items, necessitating their repair or replacement.
Machinery All Risks insurance
covers your machinery and equipment against physical loss or damage caused by fire, flood, theft and other accidental damage.
Deterioration of stocks
this type of policy is issued in combination with Machinery Breakdown policy, and covers the deterioration of stock kept in cold storage due to the breakdown of refrigerating machinery.
Contractor Plant and Machinery (CPM) Insurance
Insurance This is an insurance of contractors’ plant and machinery that is done on an annual basis. It covers unforeseen and sudden physical loss of or damage to the insured items, necessitating their repair or replacement. The cover, which excludes internal breakdown, applies at work, at rest or during maintenance operations and is not limited to a specific construction site.
The sum insured should always be equal to the costs of replacement of the insured machinery by new machinery of the same kind at the same place (value of the new item plus customs duties plus transportation).