Interim Financial Statements for 31 March 2017

News Interim Financial Statements ended 31 March 2017

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Engineering

Engineering

With underwriting that covers a broad range of technologies and industry sectors, we have the knowledge to show you how, you can stay ahead of emerging risks. We are continuing our tradition of excellence in technical knowledge and commitment to clients in a wide range of industries including construction and manufacturing as well as retail, commercial and public sectors.


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Contractors all risks/ Erection all risks

Contractors all risks/ Erection all risks

Contractors all Risks / Erection all Risks policy insures damages to any contract works including liability towards third parties for accidental bodily injury and/or property occuring in direct connection with the works, the principal existing property construction plant and equipment.

Contractors All Risks policies can be effected on annual basis for contractors handling many small to medium contracts of a similar nature or for a single contract.

Delayed start up

Delayed start up

The changed industrial scenario has led to the growing demand for insurance of loss of anticipated revenue, due to delays in commissioning of projects. It is thus vital for mega projects with substantial financial involvement to have advance loss of profits cover along with cover for project during its erection.

Delayed Start up or Advanced Loss of Profits policy covers monetary losses due to delayed commissioning of the project as a result of a loss during construction / erection which is covered under a project insurance policy (EAR/CAR). The policy is operational during the whole or part of the preparatory period of a new venture. In case of any accident or damage during this period which delays commencement of trading beyond the starting date, this policy covers loss of trading income, loan interest and other standing charges and increase in expenses incurred in reducing or avoiding the delay in startup.

Electronic equipment

Electronic equipment

Electronic Equipment policy insures damage to electronic equipment, damage to Insured’s data and records and costs incurred to retrieve and recover lost data and records.

Electronic Equipment can also be extended to cover the increased cost of working (e.g: hiring an alternative equipment, personnel overtime and other additional costs) incurred by the isurred to maintain business operations during an interruption caused by a loss covered under the basic material damage Electronic Equipment policy.

Loss of profits

Loss of profits

Loss of Profits following Machinery Breakdown cover operates in conjunction with the Machinery Breakdown policy to cover Loss of Profits as a result of the interruption of the Insured’s business caused by a Machinery Breakdown.

Loss of Profits also covers increased costs of working i.e additional costs incurred by the Isurred to minimize the loss indemnfiable under the policy.

Machinery breakdown

Machinery breakdown

Machinery Breakdown policy insures loss or damage to machinery caused by defects in casting and material, faulty design, bad workmanship, lack of skill, carelessness, shortage of water in boilers, physical explosion or short circuit.

Stock deterioration

Stock deterioration

Breakdown of cold storage machinery may cause a rise in temperature of cold storage chambers leading to the deterioration of stock. This policy covers such losses to the stocks in cold storage. The potential loss as a result of deterioration of stocks in the cold storages is relatively high. Despite the best maintenance of the insured plant, failure of public electric supply sometimes can lead to heavy losses. This policy covers loss or damage to the stocks in cold storage following the breakdown of the cold storage plant.

The deterioration of the stocks may be due to:

  1. a. Rise in temperature,
  2. b. Sudden and unforeseen escape of refrigerants into the cold storage rooms.