Erection All Risks provides virtually a comprehensive cover for the entire project of installation/erection of machinery and equipment where the cost of civil works does not exceed 5% of the project cost., from the time of arrival of the first lot of materials at site and terminates on completion of erection/testing/commissioning or the plant is taken over, whichever shall occur earlier and during the maintenance period thereafter. One month testing is inbuilt under the policy. The cover is an “All Risks” basis i.e., every hazard is covered which is not specifically excluded. Any sudden and unforeseen loss or damage occurring during the period of insurance to the property insured on the site of erection will be indemnified. Usually similar to Contractor’s All Risks Cover. Also, See Also: Engineering Insurance: Contractors’ All Risks.
Insurance Encyclopedia
Erection all risks insurance
A satellite market insurance covering the assembly and testing of launchers, satellites and their component parts. The testing comprises functional tests or simulated launchings, i.e. static firing of engines. The manufacturer may also be able to insure the loss of the incentive payment normally payable as a reward for the satisfactory operation of the satellite.