The guiding principles of CSI financial policy and management are integrity, honesty, and transparency. It will enable CSI to outperform with passion for service and innovation. Our promise of outperformance stems from deep domain expertise, a partnership approach, and a strategic delivery net.
EAR Major Portion of the contract relates to Machinery/Equipment and its erection
CAR Major Portion of the project relates to civil works
TPL Usually third party liabilities related to/arising from the project work are also covered with limits specified
The basic concept is to offer comprehensive and adequate protection against loss or damage in respect of contract works, construction plant and equipment, and or construction machinery, as well as against third party claims in respect of property damage or bodily injury arising in connection with the execution of a building contract.
A CAR Policy may be concluded by the Principal or by the Contractors engaged in a project, including all sub-contractors. CAR Insurance provides an “All Risks’ cover – every hazard is covered which is not specifically excluded under the insurance policy. This means that almost any sudden and unforeseen loss or damage occurring during the period of insurance to the property insured on the building site will be indemnified.
The most important causes of losses indemnifiable under CAR insurance are:
In addition, it is possible to extend the period of cover to include:
Third-Party Liability under CAR Policy – Covers all the insureds named under the policy against liability directly arising from the works performed on or around the construction site against claims from third parties, which includes ‘surroundings’ of a project site viz: neighboring property, utilities above / below ground, accessibility of the project site by TP personnel exposed to bodily injuries
This is the insurance of the contractor’s plant and machinery on an annual basis. It covers any loss or damage from any cause whatsoever occurring at work, at rest, or during maintenance operations and is not limited to a specific construction site.
This branch of Engineering Insurance offers comprehensive and adequate protection against all the risks involved in the erection of machinery, plant, and steel structures of any kind as well as third-party claims in respect of property damage or bodily injury arising in connection with the execution of an erection project.
Insured under an EAR Policy are:
EAR Insurance provides a very wide cover. Almost any sudden and unforeseen loss or damage occurring to the property insured on the erection site during the period of insurance will be indemnified. Normal the insurer will be liable for loss or damage due to the causes:
Any other sudden and unforeseen event such as loss or damage due to collapse, foreign objects, on-site transport or items to be erected, etc..
The cover is subject only to a few exclusions which are applied internationally and are common to the insurance industry. These exclusions are named in the policy.
In addition, it is possible to extend the period of cover to include:
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