Products
Contract Works (CAR)
Comprehensive All Risks cover intended for the erection of anything from private houses, cluster homes, small blocks of flats up to large projects such as shopping centers, sugar mills, power stations, refineries as well as infrastructure such as bridges, roads, dams water reticulation and pipelines. This cover will also extend to projects such as installation of aircon and painting contractors.
Note: Because of the different nature of the various policies available each policy is subject to exclusions and conditions that are particular to the covers afforded by the various policies.
The policy covers the construction site against the following subject to the standard terms and conditions as outlined in the policy wording:
Storm, Fire, Water, Subsidence, Collapse, Landslip, Earthquake, Cyclone, Theft, Transit, Malicious Damage, Fire, Damage To Underground Services, Third Party Damages.
Erection All Risk Insurance (EAR)
Erection all risk policies cover the erection of individual machines or complete plants-ranging from complete power stations , mineral processing plants to lifts and air conditioning equipment.
EAR policies provide protection on an all risk basis, including cover for the testing and commissioning of the erected machines. EAR cover physical loss or damage.
Engineering Project Insurance Cover (EPIC)
This cover would be a combination of CAR and EAR risks on the same project for example the construction of a dam and the hydroelectric power plant that will be built with it.
Plant All Risks (PAR)
Loss of or damage to construction plant and equipment from any cause whilst in storage, transit, on the contract site, and being use as a tool of trade .This type of cover will cover items such as earthmoving equipment, cranes, pumps, air compressors etc. In addition standard cover is available for hiring costs, legal liability arising out of the hire and continuing hire charges. The cover is issued on a new replacement value basis per item but a market related value can also be obtained at a higher rate. A C & E also offer Third Party Liability for Plant on site.
This policy will cover risks such as fortuitous working accidents, theft, fire, faulty operation, overturning as well as natural perils such as earthquake, storm, flood, collision etc.
Machinery Breakdown (MB)
Sudden accidental and unforeseen physical loss of or damage to machinery and plant arising from mechanical/electrical breakdown, whilst in operation, at rest, or during resting or re-erection, at the client's premises. The cover will include repairs to the machine and in case of a total loss the Insured will be indemnified. Main hazards incorrect use by workers, tearing apart due to centrifugal force, short circuits, defects or faults in design, material or manufacturing.
Loss Of Profits (L.O.P.)
Consequential loss of gross profit, loss of revenue or increased costs of working, arising from indemnifiable loss or damage sustained under the Machinery Breakdown Policy.
Deterioration Of Stock (D.O.S.)
Damage to stock of all descriptions caused by a change in the controlled environment of the holding rooms or chambers arising from indemnifiable damage to the insured machinery that creates the controlled environment.
This policy also has an optional failure of electricity supply extension together with a transit and stock in process extension.
Dismantling, Transit And Erection
Accidental loss of or damage to plant and machinery during the operations insured against. This is a contingency policy and can include .dismantling, movement, loading, transit, offloading, storage, repositioning, re-erection, public
liability and maintenance/guarantee. Cover can be limited to any or all of the a foregoing and can be adopted to suit most applications such as exhibition or demonstration, etc. Where new machinery is involved the cover can include testing.
Computer And Electronic Equipment (EEI)
Loss of or damage to Computer and Electronic Data Processing Equipment , IT installations, telephone exchanges, cell phone networks and associated ancillary equipment arising from Fire and Allied perils. Accidental Damage, Malicious Damage and Machinery Breakdown. The basic policy can be extended to cover Increased Cost of Working. Reconstitution of Data and losses arising from the failure of electricity supply and Telkom land lines.
Construction Guarantees / Bonds
- Bid Bonds or Letters of Intent
- Performance Bonds
- Maintenance Bonds
- Advance Payment Bonds (mainly for construction sites outside RSA)
- Retention Monies Bonds
- Eskom Guarantees
