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What Is Project Insurance

What Is Project Insurance

Project Insurance Definition And Meaning

Before an industry is set up, it involves project planning, financing, procurement of land, land levelling and earthwork, excavation of land, placing orders and procurement of machineries from various places, storing these machineries and other equipments connected with the project in safe conditions, erecting the equipments as per a planned schedule and finally testing and commissioning the erected plant and machinery for their rated capacity.

Insurance
[Post Image Courtesy of JK1991 at FreeDigitalPhotos.net]

The engineering policies, recommended at the project stage can be any one of the following three covers:

1. Erection All Risks (also know as Storage Cum Erection Insurance)

2. Contractors (Construction) All Risks Insurance

3. Contractor’s Plant and Machinery Insurance

Insurance Law And Practice - ICSI

About Author Mohamed Abu 'l-Gharaniq

when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries.

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