Projects Insurance
Before an industry is set up, it involves project planning, financing, procurement of land, land levelling and earthwork, excavation of land, placing orders and procurement of machineries from various places, storing these machineries and other equipment connected with the project in safe conditions, erecting the equipmentas per a planned schedule and finally testing and commissioning the erected plant and machinery for their rated capacity.
Project Insurance is a comprehensive insurance that provides complete protection to the contract work against project associated risks. Insurance solution varies for every project depending on its complexities and Vitality Insurance understands small, medium and large project risks. From assessing all aspects of construction related risks to claim management support, we’re here to help and provide you the efficient risk management solutions.
- Comprehensive Package
- Customised Cover
- Optional Add-ons
- Easy Documentation
Wherever there is the construction of buildings or civil works, there is a risk of loss or damage. Contractors All Risks (CAR) provides annual cover for contractors, or protection for individual constructions contracts against damage or loss incurred during construction project. Additionally, it will also protect the construction materials during storage and construction.
When the machinery component exceeds 50% of the overall cost with civil construction being a smaller part, an Erection All risk is required. This Insurance cover deals with the erection of machinery or plant structures. Other than it includes, installation activities, commissioning and testing of machinery. The coverage under the policy lasts until the complete handover of the project.
The construction business uses multitudes of heavy machinery and equipment. The CPM Policy covers all primarily movable plant equipment & machinery against damage or loss in case of an accident and is offered repair or replacement in case of damage to ensure smooth completion of work.
At times, there can be an overlap between transit and storage losses incurred during a project as transit damages may not be discovered early enough. Thus one needs to take dual covers. Sites with open storage need specialised covers to ensure claims are not denied.
While running a business requires a substantial amount of capital, there are some financial commitments that depend solely on the generation of profits. ALOP is an add-on coverage to Construction All Risk policy that can indemnify loss of profits due to delay in start-up of the project due to a covered peril.
Large number of manpower is employed by a contractor for any construction project. Workmen Compensation policy aims to cover you against liability risk as an principal employer in case there is any unfortunate incident leading to physical injury or death of an employee arising out of and in course of employment.