Académique Documents
Professionnel Documents
Culture Documents
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