What You Should Know Before Choosing Marine Cum Erection Insurance

This policy provides comprehensive protection for projects against physical loss or damage during transportation, storage, erection, testing, and commissioning.

Who Can Take This Policy

- Project owners (Principals)

- Contractors

- Sub-contractors

- Can be purchased jointly or separately

What It Covers

- Marine transit for imported equipment

- Offloading and storage at the port

- Inland transportation to the project site

- Storage, handling, and erection at the site

- Testing and commissioning

- Third-party liability for injury or property damage

What Is Not Covered

- Faulty design, defective materials, or poor workmanship

- Cost of correcting erection errors without physical damage

- Gradual wear, rust, or atmospheric damage

- Loss found only during inventory checks

- Delay penalties or contract-related financial losses

Optional Add-on Covers

- Debris removal

- Damage to surrounding property

- Extended maintenance cover

- Additional customs duty

- Civil works

- Express and air freight

- Removal of the marine duration clause

Sum Insured

- Should reflect the total completed project value, including freight, customs duty, handling, and erection costs

- Escalation cover can be added to protect against rising project costs

How to Make a Claim

- Reduce further loss or damage

- Notify the insurer immediately

- Inform the fire department or police, if applicable

- Cooperate with the appointed surveyor

- Submit the claim form with supporting documents

Policy Period

- Starts from unloading the first consignment at the project site

- Continues until testing and commissioning are completed

- Can be extended if required before the policy expires

Disclaimer

This is a general overview for understanding purposes. Please review the policy document for complete terms, conditions, and exclusions.