The core idea of Contractors/Erection All Risk insurance is to offer the insured protection against losses sustained as a result of undertaken contract works, or damages to equipment and/or construction machinery and other related assets.
Contractors/Erection All Risk insurance also covers the company in the case of litigation arising from a third party, which may include third party property damage or bodily injury arising in connection with the execution of a building project.
Contractor’s/Erection All Risk insurance provides an “all risks” cover, which means that every hazard is covered unless specifically excluded.
The cover normally attaches as from the commencement of work, or after the items have been unloaded at the site, and terminates when the completed structure is taken over or put into service.
