Allianz also covers risks within the Construction Industry.

The risk is covered within the contract site. The standard policy provides for:

• All risks of physical loss or damage to the contract workers, up to the handing over of certificate of completion and during the maintenance period
• Liabilities to third parties for property damage, bodily injury or death

Various tailor made extensions are available for specific requirements.

Covers civil construction projects, such as residential / commercial buildings, factories, warehouses, roads, bridges, dams, reservoirs, tunnels, etc etc. Perils covered:

• Fire & Allied Perils
• Flood, Storm, Tempest, Cyclone
• Earthquake, Fire & Shock
• Collapse
• Water Damage for Wet Risks

Sum Insured
The Sum Insured shall include landed cost at site of imported / indigenous materials, construction cost (including visits of specialists / experts, supervision charges). It is the completely erected value of property inclusive of freights, custom duty, erection cost adjusted to fluctuations in wages / prices.

Extensions

• Strike, riot and civil commotion
• Cross liability
• Maintenance visits
• Extended maintenance
• Overtime, night work, night work on public holidays and express freight
• Extra charges for airfreight
• Property in off-site storage
• Construction plant, equipment and machinery
• Inland transit
• Designer's risk
• Existing property
• Vibration, removal or weakening of support

Exclusions

• War & nuclear risks
• Willful Act / Negligence
• Partial / Total cessation of work
• Normal wear & tear
• Gradual deterioration due to atmospheric conditions
• Loss or damage due to faulty design
• Contractual liabilities
• Consequential losses
• Cost of replacement / repair or rectification of defective material and/or workmanship

Exclusions for Third Part Liability

• Property covered in material damage
• Employees and their family members and property of principal / contractor/sub-contractor
• Accidents caused by road, water and airborne vehicles
• Contractual liabilities

Erection All Risk / Storage-Cum-Erection Policy

This policy covers All Risk pertaining to projects of Erection, Testing and Commissioning subject to the following exclusions and conditions.

Extensions

• Express freight (excluding air freight), holiday and overtime rates of wages
• Air freight
• Additional customs duty
• Testing period extensions
• Storage risks at the fabricators premises/workshop
• Custom duty
• Expenses towards clearance and removal of debris
• Third party liability
• Cross liability
• Escalation

Exclusions

• War and nuclear risks
• Willful act / negligence
• Loss discovered at time of taking inventory
• Normal wear and tear; gradual deterioration due to atmospheric conditions or otherwise, rust
• Scratching of painted or polished surface, breakage of glass
• Loss or damage due to faulty design, defective material or costing and bad workmanship
• Cost of rectification or correction of any error during erection not resulting in physical loss or damage
• Damage to files, drawings, accounts and bills etc.
• Penalties for non-fulfillment of contractual obligations
• Consequential losses
• Aesthetic defects
• Operational deficiencies
• Costs of any alterations, additions and/or improvements after a claim
• Contractor's Plant and Machinery loss or damage by its own explosion/mechanical electrical breakdown/derangement

Exclusions for Third Part Liability

• Property covered in material damage
• Employees and their family members and property of principal / contractor/sub-contractor
• Accidents caused by road, water and airborne vehicles
• Contractual liabilities

This insurance is specially designed to cover electronic equipment such as computers PABX systems, Photocopiers etc, etc.

The Policy
The policy will indemnify the Insured as a result of any unforeseen and sudden physical loss or damage to the electronic equipment by any cause (other than the exclusions specified in the policy), in a manner necessitating repair or replacement.

It can also be extended to cover consequential loss due to loss or damage to the equipment as follows:

External date media
Restoration of loss or damage to external data media by replacing new external data media and xpenses incurred in the re-construction and re-recording of information

Increase in Cost of Working
Rental of substitute electronic data processing equipment and cost of personal expenses and transportation of material.

Exclusions

• War and nuclear risk
• Wilful act or negligence
• Partial or total cessation of work
• Loss or damage to the property falling under the terms of the Maintenance Agreement
• Loss or destruction or damage directly occasioned by pressure wave caused by aircraft and other aerial devices
• Consequential losses
• Loss or damage caused by pre-existing faults or defects
• Normal wear and tear, erosion, corrosion, encrustation
• Any costs incurred in connection with the elimination of functional failures unless such failures were caused by an indefinable loss or damage
• Costs incurred in connection with the maintenance of the insured items
• Loss or damage to objects made of glass, porcelain or ceramics, sieves or any operating media
• Aesthetic defects such as scratches on painted, polished or enameled surfaces
• Costs arising from false programming, punching, labeling or inserting, inadvertent canceling of information or discarding of data media, and from loss of information caused by magnetic fields
• Costs for replacement of data media, data and regeneration of data

Sudden and unforeseen accidental damage to machinery, the machinery can be at work or at rest. Machinery being dismantled for cleaning / overhauling and in course of these operations being shifted within specified premises or being re-erected subsequently also covered.

Exclusions

• Fire and related perils
• Damage to electrical apparatus only subsequent to short circuit
• Overload experiments / tests / abnormal operating conditions
• Gradual flaws / defects not necessitating immediate stoppages
• Normal wear and tear
• Wilful act / negligence
• Contractual liabilities
• Pre-existing defects
• Consequential losses
• Parts requiring regular replacements
• War & nuclear risks

This policy covers reduction in turnover / output and increased cost of working of a company due to accidental damage to machinery / boilers affected in stated premises.

Sum Insured
Annual Net Profit + Standing Charges based on the latest balance sheet figures adjusted to expected trend in the forthcoming year of operations.

Apart from the policy period, there is also the indemnity period which is the maximum length of time likely to elapse before the loss or damage can be reinstated and the earnings of the business restored to their pre-loss situation.

The sum insured should represent the estimated annual gross profit and correspondingly be increased if the indemnity period is more than twelve months giving due consideration for variations and trends.

Extensions

• Lay-off wages
• Failure of public utilities like electricity, water, gas

Definitions

Gross Profit:
Net profit plus insured standing charges.

Net Profit:
Net Trading Profit less all capital receipts / accretions / outlays chargeable to capital less all standing and other charges including depreciation, before tax from specified business and specified premises.

Trading Profits:
Profits from selling goods dealt / manufactured / services rendered.

Standing Charges:
All fixed costs incurred for proper business operations.

Turnover:
The amount payable (less discount) to the insured for sale of goods/ services rendered in course of business at specified premises.

Indemnity Period:
Starts from the day of accident and ending not later than the number of months indicated in the policy during which the business is affected.

Rate of Gross Profit:
Earned on turnover during the financial year immediately before the date of accident, subject to trend adjustment.

Annual Turnover:
During twelve months before the date of accident, subject to trend adjustments.

Standard Turnover:
During that period in twelve months immediately before the date of accident which corresponds with Indemnity Period, subject to adjustments.

Lay Off Wages:
Paid to employees during indemnity period for whom no work was/ is available in.

Exclusions

• All causes excluded under the Material Damage Policy

Damage other than by fire, to boilers & pressure plant Damage to surrounding property Third Party legal liability arising due to explosion and collapse of the plant during its normal course of working.

Exclusions

• Fire and related perils
• War & nuclear perils
• Overload experiments / tests imposing abnormal conditions
• Gradual defects not necessitating stoppage
• Normal wear and tear not leading to explosion / collapse
• Failure of individual tubes not leading to explosion / collapse
• Loss / damage during application of test by inspecting authority or otherwise
• Wilful act / negligence
• Contractual liability
• Pre-existing defects
• Consequential Losses