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Project Insurance
Any major project activity like construction of Civil Engineering projects, Erection of machinery involves risks in transpiration of machinery from the machinery manufacturer to the project site, risks in storage of material at the project site, risks during civil construction activity and machinery installation work, testing of the machinery, and during the visit to the project site by the contractors as part of maintenance contract, will have the risks at each stage.
Also there is risk to contractors, employees working in the project site, to the surrounding property in the project site, the third part property near the project site and liability exposure to the third parties visiting site or living nearby because of the activities in the project site is there.
In addition if there is delay in the project completion from schedule timelines, because of the delay in the equipment arrival at the project sit or because of any unforeseen event at the project site during the erection and test activities the project implementation may be delayed. This will result in financial loss to the promoters. Such risk can be covered by the DSU and the Advance Loss of profit policies.
The risks in different projects like power plant, metro project, pipe line lying, are different.
Experts in SmartTech are familiar with such exposures and will be able provide unique insurance solution for each of the project.
Who needs EAR insurance?
EAR insurance is essential for businesses that own or operate construction, industrial, or heavy machinery, including contractors, builders, and equipment rental companies.
Who is required to have Workers' CompensaƟon insurance?
Most employers are required to carry WC insurance, especially those with a certain number of employees, as mandated by state or national laws.
Who needs CAR insurance?
CAR insurance is essential for contractors, project owners, and any stakeholders involved in large construction projects, including builders, subcontractors, and suppliers.
What does project insurance typically cover?
Project insurance usually covers:
- Physical damage to the construction site and materials
- Third-party property damage
- Bodily injury to workers or third parties
- Delay-related costs due to project disruptions
Who needs project insurance in India?
Project insurance is essential for contractors, project owners, subcontractors, and any stakeholders involved in large construction or infrastructure projects.