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.
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
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.
[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
What Is Project Insurance
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Monday, May 22, 2017
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