Covers losses during machinery or equipment installation, providing vital financial protection for construction and manufacturing industries against various risks.
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₹5,000 Cr+ of cumulative risks insured
An erection all risk (EAR) policy is an insurance plan that protects you when you're setting up machinery or equipment in a factory or office. It covers any losses or damages that happen during the installation process. If anything goes wrong, this policy helps you financially, which could slow down the installation and increase costs.
The coverage of an EAR insurance policy starts from the moment materials are unloaded at the construction site and continues until the project is finished and handed over to the client.
A common misunderstanding is that plants or machinery can only be insured after being installed and tested. However, with an EAR policy, you can get protection while the equipment is being installed, whether it's a single machine or a big power plant.
It offers comprehensive insurance for the erection of projects and provides cover during storage, erection, and testing of heavy plant & machinery at the insured site.
It provides coverage for the entire period of the project rather than on a yearly basis.
Customers can add various features as needed.
Contractors and employers can take out the policy jointly and individually. Any of the following parties involved in the construction process may be covered:
If you're in the construction business, the erection all risk policy is really helpful. It's a complete insurance policy that protects you from things going wrong when you're installing, testing, and starting up equipment or machinery during construction. At BimaKavach, we can give you a personalized price from the best insurance companies at a price that won't break the bank.
This is an article by YouStory written by Palak Agarwal and published on October, 2022
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