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Details about the coverages you should know
Extensive & Customized Coverage
Reliance Erection All Risks/Storage-cum-Erection insurance offers material damage and third-party liability cover with cross liability. Additional Custom duty, offsite storage etc. as a part of the insurance to offer a wider coverage.
This policy can also be designed to suit as per the requirement of an engineering project. In addition to key coverages like material damage and third-party liability, add-ons like design defect and removal of debris, offsite storage at fabricator premises, additional custom duty etc. can also be included.
Complete Coverage
Reliance Erection All Risks/Storage-cum-Erection insurance provide coverage for all the stages of an under-erection project that involves storage, testing, maintenance or commissioning. Extended maintenance period could also be offered for 12 to 24 months period.
Affordable Premium
Compare to coverage Reliance Erection All Risks/Storage-cum-Erection insurance offer affordable premium with option to pay premiums in installments if policy tenure is more than 12 months.
What does the policy cover?
Material Damage Coverage
- Reliance Erection All Risks/Storage-cum-Erection insurance offers protection for machinery, plant, equipment, civil work and other material work at the project site
- Reliance Erection All Risks/Storage-cum-Erection insurance covers perils like fire, lightning, burglary, explosion, and natural disasters such earthquake & floods etc.
- Reliance Erection All Risks/Storage-cum-Erection insurance is an all risk policy that covers all perils other than which is specifically excluded in policy exclusion & conditions.
- Reliance Erection All Risks/Storage-cum-Erection insurance along with material damage coverage offers additional add on coverage like additional custom duty, express freight, wages & other related expenses, escalation etc.
Third Party Coverage
- Reliance Erection All Risks/Storage-cum-Erection insurance covers liability arising due to fatal & or non-fatal bodily injury to any third party person other than Insured’s own employees, or employees of other firms connected with any other erection work, or members of the Insured’s family, directly consequent upon or solely due to the erection of any insured property
- Reliance Erection All Risks/Storage-cum-Erection insurance covers liability arising due to damage of third party property or property held in trust or under custody of the insured.
- Reliance Erection All Risks/Storage-cum-Erection insurance offers extension of
cross liability under this coverage wherein a claim by co-insured could also be defended
Add on cover offered with the policy-
- Reliance Erection All Risks/Storage-cum-Erection insurance provides a wide range of add on covers like design defect cover, escalation clause, removal of debris, extended maintenance etc.
- Free clause like 72 Hours, Co- Insurance, Wavier of contribution, 50:50 Clause (Subject to project marine policy issued by RGIC), and public authority clause etc. are covered to provide a comprehensive coverage
- Reliance Erection All Risks/Storage-cum-Erection insurance covers contractors plant and machinery equipment up to sum insured of Rs. 25 lakhs or 5 percent of total sum insured whichever is lower
Here’s a list of other add-on covers offered with the policy-
- Owners Surrounding Property (With or Without FLEXA Coverage)
- 50/50 Clause
- 72 Hrs. Clause
- Automatic Reinstatement Clause
- Loss Minimization Expenses
- Debris Removal
- Professional fees
- Cover for offsite storage/fabrication premises
- Third Party Liability (With or Without Cross Liability)
- Waiver of contribution clause
- Waiver of Subrogation Clause
- Escalation costs
- Expediting cost including Air Freight and Express Freight
- Maintenance Cover (Extended or Limited)
- Design Defect Cover
- Additional Custom Duty
- Cover for Valuable Documents
Disclaimer: - For complete list of add on coverage details please refer policy wording of
Erection All Risk Policy
What does the policy not cover?
The Reliance Erection All Risks/Storage-cum-Erection Policy does not cover the following:
- Loss or damage due to faulty design, defective material or casting and bad workmanship
- Cost of rectification or correction of any error during erection not resulting in physical loss
- Damage to files, drawings, accounts and bills
- Scratching of painted or polished surface, breakage of glasses, aesthetic defects
- War and nuclear perils, and consequential losses
- Willful act/ negligence, loss discovered at the time of taking inventory, And normal wear and tear
- Penalties for non-fulfillment of contractual obligations, operational deficiencies
- Costs of any alterations, additions and / or improvements after a claim
- Third party liability, contractual liabilities, and accidents caused by road, water and air borne vehicles
- Terrorism Damage Coverage
Disclaimer:- For complete list of exclusion & coverage details please refer policy wording of Erection All Risk Policy