Damage to some essential machinery and equipment inevitably leads to business interruptions, the consequences of which can cause companies considerable expense due to lost production and revenue.

Even more worrisome is where the insured had taken loan from a bank to purchase such machinery for operations. Our MLoP which is an “add-on” to our Machinery Insurance policy was thus designed to minimize the Business Interruption risk for companies as it indemnifies the actual loss of gross profit sustained as a result of a business interruption caused by an accident covered under the Machinery Insurance.

Specifically, indemnity provided under this policy mainly include continuing business expenses (standing charges) including the salaries and wages paid to employees, rent etc., the gross profit, and increase in cost of working, i.e. the additional expenditure necessarily and reasonably incurred for avoiding or diminishing a reduction in turnover.

GLICO General’s Contractors All Risks (CAR) is an All Risks policy that provides indemnity to our insureds against loss or damage to the contract works (temporal and permanent), the insured’s plant and machinery and liability to third parties in respect of death, bodily injury or property damage during construction.

Due to its comprehensive nature of cover, our CAR policy can be effected in respect of all types of buildings such as schools, residential & office buildings, etc. and all forms of civil engineering projects like airports, bridges, roads and water dams involving mostly brick and mortar.

Similar to Contractors All Risks (CAR), Erection All Risks (EAR) policy offers comprehensive and adequate protection against all risks involved in the erection, assembling, testing and commissioning of machinery, plant and steel structures of any kind, as well as third-party liability in respect of property damage or bodily injury arising in connection with execution of the contract.

Projects most appropriately insured under our EAR includes power & chemical plants, telecommunication towers, boilers and railways lines involving mainly steel and metal and where the erection, assembly, installation of the Machinery/equipment are manufactured in the factory and brought to be assembled on site.

Bearing our prestige contractors in mind, our CPM policy is designed to offer comprehensive and adequate protection against accidental physical loss or damage to the contractors’ plant and machinery. It covers unforeseen and sudden physical loss or damage from any cause whatsoever except specifically excluded, occurring whilst the machinery is at work, at rest or during maintenance operations. It thus provide indemnity by way of repair, replacement, or cash payment to the insured when the insured item suffers loss or damage. Machines commonly insured under our CPM policy are cranes, bulldozers, graders, excavators, factory machines and plants, etc.

This policy provides indemnity in respect of sudden and unforeseen physical loss or material damage to the insured equipment. Cover is usually provided in respect of accidental material damage to the equipment, data media including cost of data reconstruction and increased cost of working. The term Electronic Equipment comprises all electrical and electronic systems that are used in data processing and information transmission.

Most common examples of such systems are office equipment, Computers, Medical, Bio-Medical, Micro Processors, communications and radio equipment, medical equipment, Graphics industry equipment, Broadcasting and TV equipment. .

Similar to Contractors All Risks (CAR), Glico General’s Erection All Risks (EAR) policy offers comprehensive and adequate protection against all risks involved in the erection, assembling, testing and commissioning of machinery, plant and steel structures of any kind, as well as third-party liability in respect of property damage or bodily injury arising in connection with execution of the contract. Projects most appropriately insured under our EAR includes power & chemical plants, telecommunication towers, boilers and railways lines involving mainly steel and metal and where the erection,assembly, installation of the Machinery/equipment are manufactured in the factory and brought to be assembled on site.

Principal’s advance loss of profits insurance, also known as advance loss of profits (ALoP) or delay in start-up insurance, is an “add-on” that indemnifies the actual loss of gross profit sustained as a result of delayed commencement of business operation caused by an accident covered under the contractors’ or erection all risks policy.

It therefore provides protection in respect of anticipated financial losses to the principal or employer resulting from the delayed completion of a project (and therefore the delayed commencement of operations), provided that the delay is caused by an occurrence for which there is indemnity under the material damage section of a construction & erection policy.

Our ALoP or DSU insurance can be effected in respect of any project which is expected to yield income or revenue. Examples are: Hospitals, shopping malls, office complex, retail shops, power stations, hotels, airports, etc.

Machinery Breakdown Insurance (MB) is important for any firm largely operating plant or machinery. The insurance is against unforeseen and sudden damage to the insured machinery from such cause as:
Faulty material, design, construction or erection, vibration, maladjustment, misalignment, defective lubrication, loosening of parts, abnormal stress, molecular fatigue, self-heating, centrifugal force, excessive electric pressure whether due to atmosphere electricity or otherwise ,failures of insulation, short circuits, open circuits or arcing ,failure of connected machinery or protective devices, lack of skill, carelessness or malice of persons whether in the insured’s employ or not, falling, impact, collision and the like, storm and tempest, obstruction or the entry of foreign bodies.

The main elements of the insurance are therefore electrical and mechanical breakdown and any other accidental damage from extraneous causes not specifically excluded.