As in any other business, there are various risks associated with construction work as well as the maintenance period that follows.
Contractor’s All Risks Insurance provides adequate protection against loss or damage in respect to:
- Contract works
- Construction plant and equipment
- Bodily injury or damage to third party property arising in connection with the execution of a building project.
Machinery and Equipment used in various industries are exposed to risks of unforeseen and sudden mechanical or electrical breakdown resulting in loss or damage. Such losses may be repairable or sometimes need replacement.
Machinery Breakdown is designed to provide coverage for machinery against any unforeseen and sudden physical loss or damage, necessitating its repair or replacement due to causes such as
- Defects in casting in material
- Faulty design
- Faults at workshop or in erection
- Bad workmanship or lack of skill