Insurance lines expertise > Protecting assets
Property DamageMachinery BreakdownElectronic Data Processing System (EDP) All RisksCasco (Motor Vehicles’ Insurance)Construction All Risks (CAR) / Erection All Risks (EAR)CargoAviation HullMarine HullConsequential Loss
Your assets can be protected by following insurance lines (please ask us what insurance line could best protect your particular assets):
Property damage (PD) insurance provides cover for the actual loss of buildings, erections, machinery, equipment, stock and other insurable property. One may choose to insure the property under Named Perils policy (i.e., against fire, natural perils, water, theft / robbery, malicious damages of the third parties, etc.) or All Risks policy, when all sudden and accidental events, with the exception of those mentioned as uninsured in the insurance contract, are covered.
Machinery and equipment are subject to unique hazards that are typically excluded under property policies: power surges, short circuits, centrifugal force, motor burnout, mechanical breakdown, human misconducts, etc. Machinery breakdown policy offers coverage against All Risks (except those stated as uninsured) for mechanical and electrical equipment: gears, steam pressure vessels, motors, boilers, generators, circuit breakers, electrical distribution boards, cables, transformers, pipes, turbines, engines, etc.
Electronic Data Processing System (EDP) All Risks
EDP All Risks policy provides cover in case of malfunctions of Electronic Data Processing system by any reason (except those stated as uninsured), including human misconducts.
Casco (Motor Vehicles’ Insurance)
Casco insurance covers loss off or damage to the insured vehicle caused by auto accident, natural perils (storm, flood, hail, lightning), theft, vandalism, fire, etc.
Also see Motor Third Party Liability
Construction All Risks (CAR) / Erection All Risks (EAR)
Construction All Risks and Erection All Risks (CAR / EAR) insurance covers physical loss or damage arising in connection with the construction, erection or testing of the insured property. The coverage is on "All Risks" basis, i.e. the policy insures against damage to property in the course of construction / erection by all sudden, accidental and unforeseen causes other than specified excluded perils. Coverage may also include coverage for:
construction / erection plant and equipment,
construction / erection machinery,
existing buildings / erections and other property,
materials stored outside the site,
loss or damage during the maintenance period,
additional expenses for debris removal after the insured event,
Insured’s legal liability to pay compensation for accidental bodily injury to or illness of third parties, or loss or damage to property belonging to third parties.
Also see Advance Loss of Profit (ALOP) insurance.
Cargo insurance provides coverage against loss of or damage to goods in transit, i.e. while being carried by road, railway, marine, pipelines or air shipments. Similar to property damage insurance, cargo can be insured against All Risks (i.e., all sudden and accidental events, other than specified as uninsured), or Named Perils (in most cases – fire, burglary and water damage). In some cases cargo insurance can include storage that covers the goods while they are in storage, outside the normal course of transit. Also see Cargo carrier’s liability (CMR).
The Aviation Hull All Risks Insurance covers all perils (unless specified as uninsured) to which the insured aircraft is exposed. War and terror risks (e.g. civil war, strike, riot, acts of sabotage, seizure and aircraft hi-jacking) are not covered, unless a separate Aviation Hull War Insurance policy is purchased. Also see Aviation liability.
The Marine Hull policy insures vessels for losses or damages resulting from stranding, sinking, fire, collision and other perils included under the policy. War and terror risks (e.g. civil war, strike, riot, acts of sabotage, seizure and aircraft hi-jacking) are not covered, unless a separate Marine Hull War Insurance policy is purchased. Also see Marine liability.
Consequential Loss insurance is usually purchased as an extension to Property Damage and/or Machinery Breakdown policy and covers indirect (consequential) damage to property as a consequence of a direct damage to property insured under Property Damage or Machinery Breakdown policy. E.g., consequential damage of machinery breakdown would be considered spoilage of perishable goods that spoil as a consequence of a breakdown.