Bid bond is issued on behalf of contractors in connection with the submission of tenders for contracts with public authorities and private owners.
Contractor’s All Risk Insurance
The basic concept is to offer comprehensive and adequate protection against loss or damage in respect of the contract works, construction plant and equipment and/or construction machinery, as well as against third party claims in respect of property damage and/or bodily injury arising in connection with the execution of a construction project.
Contractor’s Plant and Machinery Insurance
This is an insurance of contractors’ plant and machinery on an annual basis. It covers any loss or damage occurring at work, at rest of during maintenance operations and is limited to a specific construction site.
Electronic Equipment Insurance
This insurance provides cover for all electrical systems which generally have only a moderate power requirement while such equipments are at work, at rest or during maintenance operations.
Erection All Risk Insurance
This branch of Engineering Insurance offers comprehensive and adequate protection against all the risks involved in the erection of machinery, plant and steel structures of any kind as well as third party claims in respect of property damage or bodily injury arising in connection with the execution of an erection project.
This bond is issued on behalf of a contractor and in favour of the project owner to guarantee the full and due performance of the contract.
It was developed to grant industry effective insurance cover for plant, machinery and mechanical equipment at work, at rest or during maintenance operations.