Noble Insurance covers plant and machinery under erection. The cover normally commences from the arrival of the materials at the site of erection and continues during storage of the materials; erection and test run of the plant and terminates on the commissioning of the plant. We also cover the civil engineering works, those which are incidental to the erection of plant or machinery. Additionally we also cover third party liability arising out of the insured’s activities with the erection work.
Erection All Risks Insurance [EAR] protects the interests of principals and contractors involved in erection of Plants, Machinery, Heavy Equipments etc, against their exposure to loss, damage or liability by various external and internal causes during the course of erection.
Section-1 Physical Loss or Damage: This Section provides coverage for losses and / or damages to materials and erection works owned by principals and contractors / subcontractors against;
Section- 2 Third Party Legal Liability: This section provides indemnity to the third party due to the Legal liability of the insured (subject to the limits under the policy) resulting from negligence of the insured or his employees causing;
Maintenance Period Risks: After the Erection works, including testing and commissioning, covered under the EAR policy has been completed, maintenance period cover comes to effect. During this period the cover is against any loss &/or damage that occurs in the course of the compliance with the maintenance obligation under the contract.
The premium is calculated on the total erection value of the contract and is based on factors such as duration of contract, nature, location of project site, period of erection, experience of the erectors etc.