SICOM

The Contractor’s All Risks policy applies in respect of building and civil engineering works.

Basically, the policy provides cover in respect of:

• Sudden and unforeseen loss or damage to the contract works, construction plant and equipment
• Third party claims for property damage or bodily injury in connection with the execution of the contract works

The major causes of loss indemnifiable under our Contractor’s All Risks policy are:

• Fire, lightning, explosion
• Flood, inundation
• Windstorm
• Earthquake
• Theft, burglary
• Bad workmanship, lack of skill, negligence, malicious acts or human error

The Erection All Risks insurance applies to the erection of machinery and structures involving little civil engineering work.

Similar to the Contractor’s All Risks policy, the Erection All Risks policy has two sections, one covering material damage and the other, covering Third Party Liability.

If you are extending your existing business or setting it up, you run the risk of sustaining financial loss if there is a delay in the completion of contract works through damage to the works involved.  The loss consequent to such delay is covered under the Advanced Loss of Profits insurance.

Electronic equipment such as computers, electronic equipment for medical use, communication facilities, etc. can be covered under this policy. Insurance is on an all risks basis covering sudden and unforeseen losses which physically affect the insured equipment.

Losses due to the following causes give rise to the majority of claims:

Fire, lightning, explosion

• Short circuit and other electrical causes
• Faulty operation, lack of skill, gross negligence
• Malicious acts of employees or third parties
• Burglary

The increased cost of working’ section of the policy covers expenses such as hire charges, transport charges for data media and personnel, night work or work on public holiday and the like.

The Machinery Breakdown insurance offers protection against sudden and unforeseen physical loss or damage to machinery, which has been erected and is operational or at rest.

Loss or damage is mainly due to one of the following causes:

• Fortuitous working accidents
• Incorrect operation
• Tearing apart on account of centrifugal force
• Short circuit and other electrical causes

This policy provides cover in respect of deterioration of stock in cold storage following a breakdown of the refrigerating machinery. The deterioration of stock insurance is a complement to the Machinery Breakdown policy under which the refrigerating equipment is insured.

Under this policy, plant and machinery are insured against unforeseen or accidental losses necessitating repair or replacement.

Examples of perils insured are:

• Incorrect operation, negligent or malicious acts
• Storm, flood, earthquake, volcanic eruption
• Fire, lightning, explosion
• Burglary of theft
• Collision and overturning

The Contractor’s Plant and Equipment policy involves cover in respect of external causes of damage, and excludes internal breakdown, which would be covered under the Machinery Breakdown policy.