Professional Insurance Brokerage Services since 1989
This policy covers 'All Risk' of loss or destruction of or damage to construction plant, tools, machinery, and equipment from any cause other than as provided in the exceptions. The cover is for accidental damage, fire and special perils and theft.
The schedule of items covered includes Operational Plant and Machinery, Survey and Laboratory equipment, workshop plant, tools and equipment, Non-operational Plant/Machinery and Equipment of various description (As specifically detailed).
This form of cover applies to any form of machinery or plant subject to mechanical or electrical stress, Engine, turbine, generators, alternators, electrical motors, transformers, switch gears and other power units. Other units such as crane, compressors and pump may also be insured.
The insurance is against sudden and unforeseen damage to the machinery from such causes as faulty materials construction or erection, vibration, maladjustment, malalignment, defective, lubrication, loosening of parts, abnormal stress, fatigue, self heating, centrifugal force, excessive electrical pressure.
Boiler Insurance is available to cover Boilers, Economizers, Steam Pipes, Air receivers, and other vessels under steam or air pressure against damage to the insured item itself, damage to other property of the insured and liability for damage to third party property and third party personal injury arising from explosion or collapse of plant/machinery.
The policy can be extended to include Fuel gas explosion, Cracking, Damage to tubes by overheating and Damage by general overheating.
ADVANCE PAYMENT BONDS
This is a Guarantee from the Insurance Company to the Principal (usually referred to as the Employer) that the Contractor (Insured) would perform the contract for which the said Payment has been made, failing which the Insurers Guarantees the payment of the said sum of money to the Principal.
PERFORMANCE BONDS
This Policy provides a Guarantee from the Insurers to your Principal that the Contractor (Insured) will perform the Contract for which a said amount has been agreed to be paid (or has been paid) for the execution of the said contract.
Usually the validity on the Bond tallies with the execution/delivery date of the contract and the Insurer can be held liable in the event of non execution/delivery of the contract.
NB: For the purpose of executing a Performance Bond/Advance Payment Bond the
Insurer may require the Contractors Certificate of Incorporation, Memorandum and Articles of Association, Copy of Financial Statement and Evidence of Past Performance.