Major projects and investments present great opportunities but also harbor risks. Introducing Comprehensive Project Insurance (CPI) covering Construction risks such as bridges, tunnels and dams and Erection risks such as complex industrial facilities and power stations which have to be commissioned and undergo a performance test before take over by the client. The Policy is usually a tailor made policy designed to cater to the insurance requirement of each insured separately and appropriately. Usually it is reinsurance driven cover. Section IA Covers Project Works – complete industrial facilities, machinery, construction project above or below ground, preparatory work at construction site, any material to be used in the construction work stored at the site. Additional covers are for loss or damage from faulty manufacture. Section 1B is Marine Cargo Insurance taken out for transport of major items particularly from abroad. The period of insurance covers the construction and erection period including testing and defects liability phase. Sum insured to be the new replacement value. Section 2 covers third party liability including cross liability. Section 3 covers Delay in Startup. Section 4 is for Marine Cargo.

In ship’s holds, cargo pallets and unit loads are stacked usually 4 to 5 tiers high and other break-bulk cargo to a above is proportional to the number of tiers of storage. For example, in a 5 tier stow of 1 ton pallets, the lowest to a static pressure of 4 tons. In conditions of increased gravitational forces when a ship pitches in heavy sea, the goods are subjected to varying compressive forces. These dynamic forces are particularly marked in the fore and aft parts of the vessel, where they can result in an increased pressure of up to 100% on the cargo. Thus, the lowest pallet referred to in the example, could be subjected, in its voyage to a compressive force of 8-10 tons, depending on the situation.

A settlement practice under Motor Third Party and W.C. Insurance under which the claimant agrees to a compromised liability amount (usually a lump sum compromise amount) in exchange for releasing the insurer from further liability.

The minimum amount of auto liability insurance that meets a state law. Financial responsibility laws in every state require all automobile drivers to show proof, after an accident, of their ability to pay damages up to the state minimum. In compulsory liability states this proof, which is usually in the form of an insurance policy, is required before you can legally drive a car.