Commercial Insurance
Contractor's All Risk Insurance
Noble Insurance can arrange Contractor’s All Risk Insurance (CAR) cover for all kind of civil & MEP works. The cover granted is quite comprehensive including natural calamities. This policy provides cover against contract value, plant & machinery, temporary structures, principle existing & surrounding property, architecture & professional fees, debris of removal, etc. & extended to cover third party property damage and /or death or bodily injury.
Contractors’ All Risks Insurance [CAR] protects the interests of contractors involved in civil, mechanical or electrical contracts like construction of buildings, bridges, dams, towers etc, against their exposure to loss, damage or liability by a variety of external and internal causes during the course of construction.
Section 1: Physical Loss or Damage:
This section provides coverage for losses on materials and contract works from a variety of risks such as;
- Accidental damage during construction
- Fire, lightning
- Water damage, flood, storm and tempest
- Collapse,collision, impact, burglary, theft and malicious damage, aircraft
- Breakdown or explosion to any part of the contract e.g. Lifts in buildings etc.
- Consequent damages due to defects in material casting, workmanship and design
- Riot, strike, subsidence, landslide, cyclone, hurricane, earthquake, volcanic eruptions.
Section 2: Third Party Legal Liability:
This section provides indemnity to third party due to the Legal liability of the insured resulting from negligence of the insured up to an agreed limit(s) for;
- Accidental bodily injury &/or death to third parties
- Accidental damage to property (excluding property belonging to or in the custody or under the control of the insured and legal expenses for defending any proceedings with company’s consent.
Maintenance Cover:
Maintenance Period Cover protects the insured against any loss &/or damage that occurs in the course of the compliance with the maintenance obligation under the contract, subject to the cause of such loss or damage having originated during the period of insurance.
The premium is calculated on the basis of contract value, period of contract, value of Construction Plant & Machinery, nature and type of project, previous loss history of the contractor and the experience of the contractors in similar type of projects.
Our technical team will be happy to assist you should you require additional information or further clarification.
Erection All Risk Insurance
Noble Insurance can arrange Erection All Risk Insurance (EAR) cover 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 Equipment’s etc, against their exposure to loss, damage or liability by various external and internal causes during the course of erection.
Covers:
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;
- Accidental damage during construction.
- Fire, lightning.
- Water damage, flood, storm and tempest.
- Collapse, collision, impact, burglary, theft and malicious damage, aircraft.
- Breakdown or explosion to any part of the contract.
- Consequent damages due to defects in material casting, workmanship & design.
- Riot, strike, subsidence, landslide, cyclone, hurricane, earthquake, and volcanic eruptions.
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;
- Accidental bodily injury &/or death to third parties (Not members of the insured’s family or their employees)
- Accidental damage to property (excluding property belonging to or in the custody or under the control of the Insured, his family members or his employees), and Legal expenses for defending any proceedings with Insurer’s consent.
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.
Our technical team will be happy to assist you should you require additional information or further clarification.
Machinery All Risk Insurance
Noble Insurance can arrange Machinery All Risk Insurance cover provides indemnity to cover losses or damages to Electrical or Mechanical machinery, Process plant and equipment in factories from causes such as defects in casting and material, faulty design, bad workmanship, physical explosion, tearing apart on account of centrifugal force, short circuit, vibration, mal-adjustment, misalignment etc.
The policy covers loss or damage to insured static Plant & Machinery against sudden, accidental and unforeseen physical loss or damage including mechanical/electrical breakdown.
It is a condition under the policy that Sums Insured declared should represent the New Replacement Values and that there shall be a satisfactory Maintenance Programme throughout the period of Insurance.
Our technical team will be happy to assist you should you require additional information or further clarification.
Machinery Breakdown Insurance
Noble Insurance can arrange Machinery Breakdown Insurance which provides indemnity against any unforeseen and sudden damage to the machinery by causes such as short-circuit, faulty design, bad workmanship, erection faults, lack of skill, carelessness, malicious damage etc.
Machinery and Equipment used in various industrial operations are exposed to unforeseen or sudden mechanical or electrical damage.
Machinery Breakdown Policy covers machinery, plant and equipment in process industries, factories, engineering work-shops etc, against loss or damage due to electrical or mechanical breakdown, such as defects in casting and material, faulty design, bad workmanship, physical explosion, tearing apart on account of centrifugal force, short circuit, vibration, mal-adjustment, misalignment etc, except those specifically excluded under the policy terms.
The sum insured for this insurance should be the replacement cost, including freight, duty, cost of erection and other dues.
The Premium rate is influenced by factors such as values, type, make, model and age, nature and type of industry where the equipment is being used, experience of the industry, loss history.
Our technical team will be happy to assist you should you require additional information or further clarification.
Contractor's Plant & Machinery Insurance
Noble Insurance can arrange and help you provide the coverage for Plant and Machinery items (viz., shovels, excavators, rollers and dumpers etc.) from any unforeseen and sudden physical loss or damage from any cause not specifically excluded. This insurance indemnifies the insured of such loss by payment in cash, replacement or repair. The cover shall apply whether the insured items are at work or at rest, being dismantled for cleaning, in course of subsequent re-erection.
Various types of construction plants, machinery and equipment are used in the construction or erection on projects site. These plants, equipment’s and machinery are exposed to a number of risks in addition to the exposure to natural calamities.
The CPM Policy Covers Contractor’s Plants, Machinery and Equipment against any unforeseen or sudden physical loss or damage from any cause, including electrical or mechanical breakdown, but, except those specifically excluded under the terms of the policy. The indemnity under the policy is for replacement or reinstatement basis.
Premiums are calculated based on the factors like replacement value of plants and machinery, make, model and type of machinery, age and working conditions, maintenance history, previous claims history and contractor’s experience etc.
Our technical team will be happy to assist you should you require additional information or further clarification.
Deterioration of Stock Insurance
The cover indemnifies the insured against physical loss or damage to stocks such as frozen foods and other chilled and frozen items which are destroyed due to unforeseen or sudden breakdown of refrigerating equipment.
The Deterioration of Stock Insurance is designed to provide coverage against damage or loss from deterioration of stocks in a controlled temperature due to the breakdown of refrigerating equipment / machinery.
Premiums are calculated on the basis of factors such as value of stock in cold storage, age and condition of refrigerating machinery, location, construction of building, nature and type of risk, industry experience, previous loss history etc.
Our technical team will be happy to assist you should you require additional information or further clarification.
Machinery Loss of Profits Insurance
Consequential losses following a breakdown of machinery, plant or equipment due to a sudden or unforeseen event can sometimes be worse than the extent of the physical damage. Production and business operations may cease. However, fixed expenses such as salary, wages, interest on capital, rent etc, will continue to be incurred, resulting in the loss of gross profits and increased cost of working during the interruption period.
Machinery Loss of Profits Policy protects the insured by indemnifying the loss in gross profits and the increased cost of working during the interruption period in such contingencies as stated above. The Machinery Loss of Profits Policy can only be issued when the machinery breakdown cover is in place.
Premium calculations are based on factors such as total turnover, estimated gross profits, period of indemnity, voluntary time excess, nature and type of risk, location, industry experience, previous loss history etc.
Our technical team will be happy to assist you should you require additional information or further clarification.