CNP ΑΣΦΑΛΙΣΤΙΚΗ - Erection All Risks

Erection All Risks

Erection All Risks

Insurance cover for fitters or owners in case of damage caused to machinery or steel constructions being assembled (factories, antennas, turbines, printing machines, power station machinery, lifts etc) against accidental damage during their assembly.

BENEFITS

Widest Possible Coverage

The widest possible coverage is offered.

Civil Liability

Option to cover the Insured’s liability to third parties (Public Liability).

Addition of Subcontractors

Option to cover the owner, the main contractor as well as the subcontractors of the project jointly.

WHO IS THIS FOR

Owners of machinery or metal constructions being under erection or firms engaging in erections of projects, factory owners, hoteliers and others (businessmen, organizations). The Erection All Risks' Insurance Policy falls under Insurance against Fire and other Damage to Property and General Liability Classes.

HOW TO GET IT

HOW DOES IT WORK

CHARACTERISTICS & OPTIONS

  • Basic Coverage

    The Basic Coverage of the Insurance Policy includes:

    • Loss or damage whilst the project or the worksite is under construction or loss of or damage to the building materials as a result of a sudden and unpredictable occurrence that is not excluded and takes place in the construction site
  • Additional Coverage

    The Additional Coverage of the Insurance Policy includes:

    • Equipment and facilities
    • Construction machinery
    • Existing buildings and other property
    • Out of the worksite stored materials
    • Legal liability in existing buildings and other property
    • Loss or damage during the maintenance period
    • Expenses relating to the removal of debris
    • Additional expenses necessary for expediting the restoration process/repair
    • Legal liability (Public liability) to third parties (with or without the responsibility of weakening neighboring foundations)

COVER EXCEPTIONS

The policy is subject to many exclusions, some of which are:

  • war, acts of terrorism, nuclear radiation and environmental pollution
  • riots, strikes, earthquake, weakening foundations of neighboring buildings, consequent damage
  • loss or damage due to faulty designs, penalties due to delays
  • the cost for repairing or replacing the defective material
  • the Insured’s liability for his/her employees, engineers or architects

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