Projects have a direct impact on every company bottom line, making every expense, including insurance cost, an important cost variable. Our industry expertise ensures that our clients maximize insurance coverage and minimize risk exposures while improving their bottom line. Project covers are largely All Risk which include cover for all accidental damages to the contract work unless specifically excluded. The solutions have varied from simple to complex design on specialised risks and Edify has provided Risk Management solutions to medium and Large projects. We have assisted with advice and services to manage all aspects of construction-related risk– from managing complex professional liability issues through job-site safety and claims management support. The expertise extends to superior risk execution of internal erection projects which Edify can bring to your business.
Contractors All Risk (CAR)
Even All risk covers like a CAR, can be improved with additional covers. You can claim a refund for a project completed before time or add expediting covers to ensure faster reconstruction, after a loss, to meet deadlines.
Erection All Risk (EAR)
When the machinery component exceeds 50% of the overall cost with civil construction being a smaller part, an Erection All risk is required. Factory erection, Electrical contract work, Networking contracts, HVAC installations all require an EAR.
Plant and Machinery (CPM)
Project site equipment are prone to high level of construction and erection exposures making them vulnerable to accidental damages. Limited covers can stall project progress despite repair cost cover in want of expediting expenses to speed recovery.
Marine and Storage
Projects can have tricky overlaps between transit and storage losses as transit damages may not be discovered early enough. One needs to create dual covers. Sites with Open storage need specific cover to ensure claims are not denied.
Advance Loss of Profits (ALOP)
Projects delays can have a critical impact on the business including impairing loss of anticipated profits before operations are commenced. Such losses can result from damage during construction, erection or commissioning of the project.
One of the large risks is injury caused to the manpower deployed including those by Contractors / Sub-contractors. If your contractors do not insure adequate numbers, you will be exposed to the liability risk as an Principal Employer.