The Paramount
Engineering Insurance Policy has a wide range of coverages against
loss or damage pertaining to your Engineering projects. Paramount’s
Contractor’s All Risks (CAR) Policy and Erection All Risks
(EAR) Policy are two policies guaranteed to protect you against
construction and erection risks and may extend insurance protection
against practically all conceivable risks to Engineering projects
such as material damage and third party liability. Paramount’s
Electronic Equipment Insurance (EEI) Policy is designed to cover
electronic equipment against unforeseen and sudden loss or damage.
Contractor's
All Risks Policy
Erection
All Risks Policy
These two policies
extend insurance protection against practically all conceivable
risks to Engineering (construction and erection) projects with
the following coverages:
SECTION I MATERIAL DAMAGE - pertains
to loss exposure in terms of the material cost of the project
which is divided into:
Cost of Property to be constructed/erected.
Freight
Customs Duties and Dues
Cost of Construction/Erection
Under Section 1, cost of removal of debris and property
belonging to principal but in the care, custody or control
of the contractor/assured may be included.
SECTION II THIRD PARTY LIABILITY - insures
the contractor against liability to the public brought about
by accidents resulting in the following:
Bodily Injury
Property Damage
DEDUCTIBLES
Deductibles are usually imposed on claims falling under:
Material Damage
Third Party Liability
UNDERWRITING REQUIREMENTS
Copy of the Contract between Principal and Contractor
Plans and Specifications
Other information like topography, soil condition,
experience and integrity of contractor and subcontractors,
etc.
RATING FOR PREMIUM PURPOSES
Rating will depend on the integrity and professional record
of contractor combined with the complexity, location, duration
and cost of the project.
