The insurance coverage provided by contractors’ all risks policies
includes:
The material damage caused by fire, burglary, theft, and explosion, lack of skill,
incorrect execution, flood, water flooding, hurricanes, earthquakes, and landslide
(which are called: the natural hazards).
Moreover, this policy covers the liability for bodily injury and material damages
caused to third parties owing to the execution of the works of those projects.
Plant & equipment insurance
This type of insurance covers the plant and equipment during operation, stoppage
time whilst at rest or in the case of disassembly during cleaning or maintenance,
as well as whilst reassembly at work sites.
Examples of plant and equipment that can be covered by this type of insurance
are: Production machines in factories, molded products, turbine engines, cold
store machines (refrigerators), faulty operations, wrong operation procedures or
any other electrical causes.
Deterioration of stock insurance
This type of insurance insures the damage or loss that may be caused to
the items stored in cooling rooms and refrigerators as a direct result of the
breakdown of cooling machines.
Examples of the contents of cooling rooms and refrigerators are: fruits,
vegetables, meat, fish, milk and dairy products, canned or cooked foods and
certain types of medicines.
The insurance coverage provided by the deterioration of stock policy includes:
Loss or damage that may be caused to the subject matter as a direct result of
the breakdown or damage to the cooling equipment and machines, provided that
such breakdown or damage is covered under the machinery breakdown policy.
This policy shall cover the material losses or damages resulting from the rise
or drop in temperatures in the cooling rooms and the sudden and unexpected
leakage of the cooling gas (Freon) inside the cooling rooms causing the
contamination of the insured goods.
Contractor’s Project Machinery Insurance
This type of insurance covers the contractor’s machinery and equipment during
operation, stoppage time whilst at rest or in the case of disassembly during
cleaning or maintenance, as well as whilst reassembly at work sites.
Examples of plant and equipment that can be covered by this type of insurance
are: excavators, loaders, cranes, cement mixers, asphalt mixers, electric
generators, and pumps, foundation crushing machines, grain blowers (augers),
harvesters, graders, dumpers, forklifts and the likes.
The insurance coverage provided by the contractors’ machinery and equipment
policy includes: losses resulting from fire, burglary, explosion, collision,
overturning, earthquakes, and landslides; it can also be extended to cover the risk
of transportation and off-site mobility.
Electronic equipment insurance
The insurance coverage provided by the electronic equipment policy includes:
Unexpected or sudden loss of or damage to the electronic equipment that
may result from fire, lightning, explosion, short circuit current, other electrical
causes, water or any other liquids, defects of castings and defective materials, or
operating fault.
Examples of such electronic equipment include:
Electronic equipment associated with computer devices, electronic medical
devices (Radiology equipment, magnetic resonance devices, radiation devices,
laser devices, medical analysis devices, diagnostic devices), electronic equipment
associated with communication such as modern telephone networks, wireless
networks, radar and receivers and transmitters of radio stations, radio, satellite
stations, electronic equipment used in the studio such as imaging equipment,
sound recording and re-playing equipment, and the like.
Boiler & pressure vessel insurance
This insurance provides cover against damage to any boiler or pressure vessel,
damage (other than by fire) to surrounding property of the insured and legal
liability for:
Death or bodily injury to any person other than the insured’s own employees or
workmen or members of the insured’s family and damage to property not
belonging to the insured or held in trust or on commission for which he is
responsible.
The example of the items to be insured includes:
- Steam boiler/ feed piping
- Steam pressure vessel/ steam receivers i.e. steam jacketed pan, sterilizers
- Domestic supply boiler
Installation All Risks Insurance
This type of insurance covers the construction projects during their execution periods until they are delivered to their owners.
This insurance includes the same coverage of Contractors’ All Risks Insurance. Moreover, it can be extended to include the periods of trials, commissioning, testing and maintenance.
Examples of projects that can be covered by this type of insurance include:
Installation of machinery, equipment and machines of all kinds (production lines, pumping stations, electric generators, turbines, cranes, central air conditioners, metallic installations and executions of works in general, for metal bridges, metal buildings, metal tanks and sewerage lines).
Installation All Risks Insurance may include civil works installations (construction of buildings or the like) which are considered a part of the same project, such as construction works for factories or concrete foundations for metal bridges.
The insurance coverage provided by the Installation risks policies includes the risks of fire, explosion, storms, floods, earthquakes, theft, electrical hazards, rupture and defects of installation and construction. This policy also covers the civil liability for bodily injury and material damage caused to third parties due to the installation, construction and execution of these projects.