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Engineering Insurance

The contractors undertaking construction projects require insurance protection for indemnity during the contracts period against loss or damage to:- • Permanent & temporary works including materials to form a part thereof, • Materials/items supplied by (the principal), • Construction plant, tools, equipment and • Construction Machinery. SGI Contractors’ all-risks policy fully meets the said requirements. Subject to specific Exclusions, the scope of cover is very wide to include any unforeseen and sudden physical loss or damage from any cause to the items declared for insurance. The Insured is reimbursed for the cost of debris removal as agreed. It also covers accidental third party (i) bodily injury/illness and ii) damage to property occurring in direct connection with the contract works execution. (subject to the limits of indemnity).

The insurance protection is suitably devised for erection projects involving mechanical works. The risks of Testing and Commissioning in the EAR policy mainly differentiate it from the standard CAR insurance. There are two types of testing risks namely • Cold Test • Hot Test The former is conducted during different stages of erection and the latter on completion of the project. The Hot Test involves a greater degree of risk. Clearance of Debris and TPL are covered. SGI EAR policy satisfies the entire requirements of all the parties concerned.

The extra charges for overtime, nightwork, work on public holidays and express freight are covered by CAR / EAR policies only if previously and specially agreed by the underwriters in writing. The Principal and Contractor can avail of the protection of CAR and EAR insurance jointly or severally.

It is an annual policy designed to insure against loss or damage to the contractor’s plant and machinery at work on site, during transit, or at rest within the geographical limits stated in the Schedule. SGI policy provides indemnity to the Insured in respect of items declared for insurance suffering any unforeseen and sudden physical loss or damage from any cause necessitating repair or replacement (subject to specific exclusions).

SGI machinery insurance cover provides indemnity to the Insured with respect to items declared for insurance whilst on the premises suffer any unforeseen and sudden physical loss or damage from causes such as defect in casting and material, faulty design, faults at workshop or in erection, bad workmanship, lack of skill, carelessness, shortage of water in boilers, physical explosion, tearing apart on account of centrifugal force, short-circuit, storm, or from any other cause not specifically excluded under the policy. The policy shall apply to the Insured items after successful completion of their performance acceptance tests whether they are at work or at rest, or being dismantled for the purpose of cleaning or overhauling, or in the course of the aforesaid operations themselves, or when being shifted within the premises, or during subsequent re-erection.

SGI Boiler Pressure Vessel Insurance Policy is framed to provide adequate protection to the Insured against:- • Damage (other than by fire) to the boiler or pressure vessel and to other property of the insured. • Liability of the Insured at law for damage to property not belonging to the Insured. • Liability of the Insured at law on account of fatal or no-fatal injuries to any persons other than the Insured’s own employees or workmen or members of the Insured’s family, caused by and solely due to explosion or collapse of any boiler or pressure vessel whilst in the course of ordinary working.