Contractor’s All Risks (CAR) and Erection All Risks (EAR) Insurance
The CAR and EAR policy plans are designed for covering construction and erection including but not limited to :
Industrial Buildings, Factories and Plants
Water Supply and Drainage Systems
Road, Railway Facilities and Airports
Bridges and other steel structures
what differentiates between the CAR or EAR policy is the nature of works that are to be insured. The CAR policy covers construction works while the EAR policy covers erection works.
Under both types of policies, Al Sagr Cooperative commits to compensate insured when property insured is lost or damaged from an insured peril including liability to third parties be it physical injuries or deaths, and/or property loss or damage.
Contractors' Plant and Machinery (CPM) Insurance
CPM Policy covers on an annual basis all types of equipment and construction plant used by contractors whilst at work, at rest or during maintenance operations at construction site, in the insured's warehouses, during mobilization and/or de-mobilization periods.
The policy covers sudden, accidental, external damage to the insured machinery due to any cause other than those specifically excluded in the policy.
It is a main condition under the above insurance coverage that the sum insured shall be equal to the cost of new replacement value of the insured items.
Machinery Breakdown Insurance (MBD)
Machinery Breakdown Insurance indemnifies insured his loss of or damage to fixed and/or non-mobile plant and machinery due to any unforeseen and sudden physical loss or damage to machinery insured resulting from causes such as defects in casting and material, faulty design, faults at workshop or in erection, bad workmanship, lack of skill, carelessness, shortage of water in boilers, physical explosion, tearing apart on account of centrifugal force, short circuit, or from other causes not specifically excluded.
The Policy does not indemnify insured his losses which otherwise are insurable under a Fire and Perils or Property All Risks Policies.
The principle of indemnity for this type of insurance warrants that sum insured represents the value of replacing old for new machinery or equipment.
Loss of Profit (LOP) due to Machinery Breakdown Insurance
Bought together with the MBD policy, the Machinery Loss of Profits insurance policy promises to indemnify insured loss of actual gross profits (i.e. net profit and standing charges) and/or increased cost of working sustained as a result of a business interruption caused by an accident indemnifiable under Machinery Insurance.
Boiler & Pressure Vessels Insurance
This Insurance provides cover against Damage (other than by fire) to any boiler or pressure vessel, Liability of the Insured at law for damage to property not belonging to the Insured, Liability of the Insured at law on account of fatal or non-fatal injuries to any persons other than the Insured’s own employees or workmen or members of the Insured’s family,
Caused by and solely due to explosion or collapse as defined in the Policy of any boiler or pressure vessel insured whilst in the course of ordinary working;
Deterioration of Stock (DOS) Insurance
The Policy indemnifies insured when perishable stock deteriorates as a direct result of the breakdown of machinery, or consequent to the loss of or damage to machinery insured.
Deterioration of Stock insurance is a risk management approach to protecting traders' investments who need:
Electronics Equipment Insurance
Electronic equipment such as Computers, Laptops, Medical, Bio-Medical, Micro Processors, Audio-visual equipment etc. can be covered under Electronic Equipment Insurance.Coverage for electronic equipment.