Contractor All Risks

Contractor All Risks

The policy comprised on two types of risks “material damage” and “third party”. The firsts covers the damages to property and second belongs to liability to third party claims for injury and death or damage to third property.

The insurance is usually taken out in the joint names of the contractor and the employer. Other interested parties, such as funders, often ask to be added as a joint name. The effect of joint names insurance is that each party has its own rights under the policy and can therefore claim against the insurer. Each insured should comply with the duties of disclosure and notification.

Under the Section – I of Material damage of Contractors’ all risk policy, if the items / property insured, shall suffer any unforeseen and sudden physical loss or damage from any cause, other than those specifically excluded, in a manner necessitating repair or replacement, the insurers will indemnify the insured.

Deterioration of Stock

Deterioration of Stock

Breakdown of machinery in a cold storage can be fatal for those dealing in perishable items. We offer Deterioration of Stock Policy for those involved in the storage of goods requiring special storage facilities.

Electronic Equipments

Electronic Equipments

As the name suggests, Electronic Equipment Insurance Policy is developed for electrical equipments not requiring extensive power.

Erection All Risks

Erection All Risks

The Erection All Risks policy is a comprehensive insurance, which procures complete protection against all types of risks concerning with erection, testing, commissioning of machinery, plant and equipment.

Erection All Risks Insurance covers a wide range of plant and machinery at all levels of complexity, from small electric motors to a large power station.

The liability of the insurers shall commence at the arrival of consignment at site, normal storage and after that erection, testing, commissioning until the plant is successfully commissioned and handed over to the owner.

Extensions:

Cover can be extended to include up to a limit chosen by you on the following on payment of additional premium: – Express freight, overtime charges – Air freight – Additional customs duty – Escalation – Owner’s surrounding property – Storage risk at Fabricator’s Premises – Maintenance cover-Visits, Extended maintenance

Machinery Break Down

Machinery Break Down

This is the most basic cover required for machinery/equipment installed offering breakdown of machinery at work, at rest or during maintenance operation.

Machinery Loss of Profit

Machinery Loss of Profit

Machinery Loss of Profit provides cover for loss of gross profit and standing charges suffered due to business interruption happening as a result of a loss under Machinery Breakdown Insurance Policy.

Principals Advance Lost and profit

Principals Advance Lost and profit

This policy indemnifies the insured for loss of profit due to turnover reduction resulting from delay in project completion by any accident covered under Contractor’s All Risks Policy and Erection All Risks Policy.

Engineering Bonds

Engineering Bonds

Saudi Pak Insurance offers the following Engineering Bonds as guarantee issued on behalf of the contractor:

Mobilization Advance Bond Performance Bond Bid Bond Maintenance Bond Excise Custom Bonds