Erection All Risk Insurance Policy

Our Erection All Risks policy, as the name suggests, cover you from ???All Risks,??? which may be sudden and unforeseen losses or damages to insured property. This policy also provides protection to the machinery while in use, being installed or in storage, from accidents and natural hazards like hurricanes. The coverage begins from the very time that the consignment of machinery is first unloaded at the project site and lasts until the erection of the project is completed and handed over to the owner or purchaser.

You can extend the policy cover by paying extra premium from the following risks:

• Escalation
• Maintenance
• Clearance and removal of debris
• Damage to the owner???s surrounding property
• Third party liability
• Additional customs duty
• Express freight
• Holiday and overtime rates and wages
• Earthquake
• Terrorism

For those looking to extend the Erection All Risk Insurance Policy to cover inland/ overseas project materials, LGI offers a combination of transit insurance and Erection all risk policy on project materials, to provide a single Marine-cum-Erection policy for all-inclusive coverage.

The policy has a few ???named excluded perils??? or specific risk exceptions that will not be covered under the insurance. The policy will not indemnify the insured in cases of loss, damage or liability arising from or aggravated by one of the following risks:

• Willful acts or negligence of the insured or the carelessness of his responsible representative.
• Inventory losses discovered only at the time of taking an inventory.
• Defective design, material, bad workmanship or faulty casting leading to a loss or damage in erection.
• Wear and tear or gradual deterioration as a result of atmospheric conditions including rust, scratching of painted or polished surfaces or breakage of glass etc.
• Work cessation, whether total or partial.
• War and war-like events including invasion, hostilities, act of foreign enemy war like operations, civil war, revolution, rebellion, insurrection, civil commotion, mutiny, military or usurped power, martial law, confiscation, conspiracy, persons acting in connection with any political organization, commandeering a group of malicious persons, requisition or destruction by order of any government de jure or de facto or by any public, local or municipal authorities.
• Nuclear events or nuclear reaction, nuclear radiation or radioactive contamination.

Note:

The company shall not be held liable for the expense experienced in case of rectification or correction of any error occurred during erection, unless it results in physical loss or damage to files, accounts, drawings, bills, currency, evidence of debt, stamps, deeds, security cheques, notes or packing materials such as boxes, cases and crates.