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Erection all risk insurance
- EAR insurance is designed to cover for risk associated with erection and installation works of machinery and equipment or any hardware. The Insured can be the owner of such machinery and equipment or the contractors in charge of erection/installation works.
- EAR insurance of TMIV is also a solution to help you comply with compulsory insurance regulation for construction investment activities as stipulated in Law No. 50/2014/QH13 on construction, Decree No. 119/2015/ND-CP and Circular No. 329/2016/TT-BTC on compulsory insurance for construction investment activities.
- Section I covers for material damage to the erection works;
- Section II covers for third party’s property damage and/or bodily injury.
Key coverage of EAR insurance includes:
- Fire, explosion
- Natural hazards: storm, flood, earthquake…
- Faults in erection
- Testing period
- Collision with external objects
- Bodily injury or illness of third parties caused by the erection works
Coverage may also be extended at the policyholder’s request with approval given by TMIV:
- Maintenance period
- Off-site property
- Extra charges
- Inland transit
- Manufacturer’s risk
- Cross liability
EAR insurance is on all-risk basis and uninsured risks are specifically excluded in the policy:
- War, nuclear reaction etc.
- Consequential loss
- Faulty design, defective material or casting, bad workmanship
- Wear and tear
Others as specified in the policy