Beruflich Dokumente
Kultur Dokumente
PROJECT COVERS
I. MATERIAL DAMAGE (MD)
A) CONTRACTORS ALL RISK (CAR)
B)ERECTION ALL RISKS (EAR)
STORAGE CUM ERECTION (SCE)
C)MARINE CUM ERECTION (MCE)
POLICY PERIOD
• POLICY WILL COMMENCE FROM THE TIME OF
UNLOADING OF THE FIRST CONSIGNMENT AT
THE SITE AND CONTINUES DURING THE
STORAGE/ERECTION / TEST OPERATION OR
TEST LOADING /TRIAL RUNNING etc. AND EXPIRE
AFTER COMPLETION OF THE PROJECT/HANDING
OVER TO THE PRINCIPALS OR THE DATE
SPECIFIED IN THE POLICY WHICHEVER IS
EARLIER. ONE MONTH TESTING IS INBUILT
UNDER THE POLICY
• REFUND OF PREMIUM ALLOWED FOR EARLY
COMPLETION SUBJECT TO TERMS/CONDITIONS
MARINE-CUM-ERECTION POLICY
PERILS COVERED
UNFORSEEN AND SUDDEN PHYSICAL
LOSS /DAMAGE FROM ANY CAUSE
INCLUDING -
a) BURGLARY ,THEFT,RIOT & STRIKE ,
MALICIOUS DAMAGE AND TERRORISM
b) FIRE & LIGHTNING, EXTERNAL
EXPLOSION, EARTHQUAKE, FLOOD,
INUNDATION, SUBSIDENCE, LANDSLIDE
AND ROCKSLIDE.
CONTRACTORS PLANT & MACHINERY
(CPM) POLICY Contd..
PERILS COVERED…contd
c) STORM,TEMPEST, HURRICANE,
TYPHOON AND TORNADO
d) ACCIDENTAL DAMAGE DUE TO MAN
HANDLING, DROPPING OR FALLING,
COLLAPSE , COLLISION AND IMPACT
SUM INSURED=CURRENT NEW
REPLACEMENT VALUE INCLUDING
TRANSPORTATION COSTS/CUSTOM
DUTY/ERECTION OR INSTALLATION
COSTS
CONTRACTORS PLANT & MACHINERY
(CPM) POLICY Contd..
OBJECT OF ALOP-
• INDEMNIFY THE PRINCIPAL OR THE PROJECT
OWNER FOR THE ACTUAL FINANCIAL LOSS
SUSTAINED DUE TO DELAY IN COMMENCEMENT
OF COMMERCIAL OPERATIONS OF A NEW
PROJECT WHICH IS UNDER INSTALLATION/
CONSTRUCTION
• DELAY MUST BE CAUSED BY DIRECT PHYSICAL
LOSS OR DAMAGE ADMISSIBLE UNDER
MATERIAL DAMAGE CAR/EAR POLICIES
COVERING THE CONTRACT WORKS
•SUM INSURED IS COMPUTED ON THE BASIS OF
THE FINANCIAL MODEL OF THE PROJECT
DETERIORATION OF STOCK POLICY
(DOS)
THE POLICY IS KNOWN AS -
1. DETERIORATION OF STOCK INSURANCE OR
2. STOCK SPOILAGE INSURANCE
SCOPE- THIS IS A FORM OF CONSEQUENTIAL LOSS
FOR STOCKS CONTAINED IN LARGE COLD
STORAGES
• THE INSURANCE COVER IS AGAINST THE RISK
OF DETERIORATION/PUTREFACTION AND/OR
CONTAMINATION FOLLOWING BREAKDOWN OF
REFRIGERATION PLANT/MACHINERY,A CLAIM
FOR WHICH IS ADMISSIBLE UNDER THE
CONCURRENT MACHINERY INSURANCE POLICY
DETERIORATION OF STOCK POLICY
…contd.
TWO TYPES OF POLICIES-
1. POTATOES IN COLD STORAGE
2. OTHER THAN POTATOES IN COLD STORAGE
Eg. SEA FOODS LIKE FISH /PRAWNS/FROG LEGS ,
DAIRY PRODUCTS LIKE CHEESE/BUTTER,
FRUITS,VEGETABLES AND FOOD ITEMS
• INSURANCE COVER APPLIES TO
DETERIORATION OF CONTENTS CAUSED BY A
RISE IN TEMPERATURE DUE TO MATERIAL
DAMAGE TO REFRIGERATION PLANT OR
ACTION OF REFRIGERANT ESCAPING FROM THE
PLANT
•POLICY MAY BE EXTENDED TO COVER FOES
ELECTRONIC EQUIPMENT POLICY
• SCOPE OF COVER
•POLICY COMPRISES THREE SECTIONS
•SECTION I-- COVERS ANY SUDDEN AND UNFORESEEN
PHYSICAL LOSS/DAMAGE DUE TO ANY CAUSE(OTHER
THAN THOSE SPCIFICALLY EXCLUDED).THUS,THE COVER
IS ALL RISK AND INCLUDES LOCATION/OPERATIONAL/
AOG/HUMAN ELEMENT RISKS.
•SUM INSURED UNDER SECTION I=CNRV
ELECTRONIC EQUIPMENT POLICY…contd