EAR's coverage is very specialized and it applies to the use of installing machinery and equipment. The premium on this policy can be paid in instalments for projects undertaken for more than 12 months duration. This makes the policy purchases more affordable and it helps ease the policy related challenges. However, this policy is unavoidable if your firm is engaged with heavy-duty erection work, which involves machinery too.

  • Why you need the policy: The EAR or Erection All Risk insurance policy provides coverage against all types of physical loss/damage caused to someone due to construction work, installation of machinery, etc.
  • What the policy offers: This policy takes care of any damage caused to third-party properties (including bodily damage). This policy covers construction, damages incurred during erection, installation & commissioning of plant & machinery. It also provides cover during storage, erection, and testing of property at the insured site.
  • Who should buy: For companies engaged in construction and for corporates who are in the business of construction, the erection all risk policy is a must as it safeguards the business from future mishaps.

The common exclusions to the policy are damages occurring because of war and nuclear perils, normal wear and tear, gradual deterioration etc., damage due to faulty design, defective materials, bad workmanship, etc. Consequential loss like loss of revenue, penalty for delay, inventory losses, willful negligence, loss of or damage to files, drawings, accounts, bills, currency, stamps, deeds, evidence of debt, notes, securities cheques, packing materials such as cases, boxes, crates are excluded from the policy coverage.

Akshar as one of the best insurance agent in erection all risk policy understands the viability of the policy in all its glory. Given our years of experience and exposure to these types of specialized insurances, we always know what suits your business and can suggest you the right coverage without allowing you any exposure to unwanted problems.

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