Erection all risk insurance
Erection all risk insurance offers insurance protection for planned installations of all kinds such as the erection of production or power generation facilities. In addition to new facilities, extensions, modifications, repairs and renovations can also be covered. There is also an option whereby the installation tools and equipment can be insured as well.
This provides all-risks coverage; in other words, it consists of insurance protection against all unforeseen damages to the insured installation services, to the extent that their cause is not expressly excluded.
In particular, insurance coverage is provided for the following:
- Unusual weather conditions (heavy rainfall, storms, hail and frost)
- Other natural disasters such as earthquakes, earth slides, floods and high water
- Damages due to errors caused by construction and/or materials
- Theft
- Ineptitude, negligence and malice
- Wanton destruction by third parties, e.g. vandalism
- Fire, lightning or explosions
- Internal unrest, strikes, lock-outs (optional)
The significant exclusions are:
- Intent of the policyholder
- Normal weather conditions, water flow and standing water
- Normal and premature wear and tear or ageing caused by operation
- War or events similar to war
- Force majeure
- Nuclear energy
