"The Insurance is in respect of accidental physical loss or damage to the Insured Property described in the Schedule."
|New Replacement Value||Market Value|
“Physical loss of or damage to the equipment described in the schedule from any cause not hereinafter excluded whilst contained anywhere within the Insured’s premises as specified."
"If during the period of Insurance any of the Property Insured shall suffer at the Contract Site any unforeseen physical loss or damage from any cause other than those specifically excluded the Company will in terms of the Basis of loss settlement Clause of the definitions contained herein compensate the Insured for such loss or damage up to an amount not exceeding in respect of each of the items specified in the Schedule the sum set opposite thereto and in all the Total Sum Insured."
EAR policies are designed to cover the risk of loss arising out of the erection and installation of machinery, plant and steel structures, including physical damage to the contract works and liability for third party bodily injury or property damage arising out of these operations. Covered parties include the general contractor, subcontractors, and in some cases suppliers and manufacturers of equipment. Examples of the types of projects for which EAR coverage is typically purchased include power plants, manufacturing and fabrication facilities, water and wastewater treatment facilities, and telecommunications centres (particularly where the erection of signal towers is involved). Some insurers combine erection all risks and contractors all risks coverages into one form. Although these terms are sometimes used interchangeably, there are some substantive differences.
Please note that this is a summary of the cover available. The full terms, conditions and exclusions of cover are contained in the respective Policy Wordings. CIB Engineering product is underwritten by Absa Insurance Risk Management Services (PTY) Ltd t/as Airms.
If you would like a copy of the CIB Engineering Policy Wording, please contact Juan Erasmus on email@example.com