Contract Work Insurance for Construction and Erection works
It is the insurance for a construction or erection project provided for the project owner/contractor with protection against loss of or damage to the contract work arising from any natural perils, theft and accident, including third party liability arising from negligence of the contractor or its employee. This insurance can also extend to cover the damage to principal’s existing property caused by the performance of construction or erection work.
Machinery Insurance (Machinery Breakdown)
The Machinery Insurance is the insurance for the coverage of breakdown of the machines i.e. power generator, steam boiler, electric transformer, air compressor as well as machines for use in production including any tool, component and accessory and etc., whereby the policy shall provide with protection against damage, as a result from an accident arising from an internal factor of the machine such as use of a defective material, as well as defect in workmanship, lack of proficiency, or arising from negligence, intention, lack of water in a boiler, explosion, physical disintegration due to centrifugal force, lack of lubrication or cooling system, electric short circuit, overload of the machine, etc.
Boiler & Pressure Vessel Insurance
Boiler & Pressure Vessel is the policy, which provides with protection for high pressure equipment, such as a steam boiler and pressure tank, and shall compensate the Insured for damage arising to the steam boiler and pressure tank as well as damage to the building and property around the boiler or pressure vessel as a result of explosion, subsidence or collapse, or deformation caused by the steam or liquid pressure, including third party liability for which the Insured is legally liable for the result of such incident.
Contractors’ Plant & Machinery Insurance
It is the insurance for the plant and machinery, which is used in construction such as a tower crane, crawler crane, backhoe and etc., thereby protecting against loss or damage caused by accident such as fire, lightning, collision, overturning, windstorm and etc. The coverage is effective whether during the use or rest, while its parts are being disassembled for the purpose of cleaning, inspection or repair. As such, the protection shall be provided after the machinery complete its test run and becomes fully operational.
Electronic Equipment Insurance
This insurance provides the protection for electronic equipment during its use or being disassembled for thorough cleaning, or during relocation of the insurance location, or during reassembly. However, this protection shall be provided after the equipment completes its test run and becomes fully operational.
The coverage can be separated into 3 sections as follows.
- Loss of or Damage to an Electronic Device (Material Damage)
- External Data Media
- Increase in Cost of Working.
Erection All Risks Insurance
Machinery erection insurance provides with protection for principle and contractor against loss of or damage to the machine, which is to be installed, as a result of a natural perils, accident, burglary while during erection and testing including third party liability during the installation.