ASIAN ALLIANCE RISK SERVICES TAIWAN
- Property Damage Insurance
- Marine Cargo Insurance
- Product Liability Insurance
- Commercial General Liability Insurance
- Directors and Officers Liability
- Construction/ Erection All Risks (Car/Ear) Insurance
The basic concept of CAR insurance 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 for third party claims in respect of property damage or bodily injury arising in connection with the execution of a project.
CAR insurance provides a very broaden cover. This means that any sudden and unforeseen loss or damage occurring during the period of insurance to the property insured will be indemnified unless the loss or damage is due to the few exclusions indicated explicitly in the policy. The cover attaches as from the commencement of work or after the insured items have been unloaded at the site and terminates when the completed structure is taken over or put in service. The insurers’ liability for construction machinery and construction plant and equipment commences from their unloading at the site and expires on their removal therefrom. In addition, it is possible to extend the period of cover to include a maintenance period.
Similar to CAR, EAR covers physical loss or damage of an unforeseen and accidental nature, which is not otherwise excluded from the policy. In contrast to CAR, however, EAR policies also cover faults in erection (i.e. bad workmanship occurring at the erection site itself). EAR policies also provide protection on an all risks basis, including cover for the testing and commissioning of the erected machines – providing that they are not considered prototypes.
Construction/Erection All Risks Policy will cover all works, temporary or permanent including worker site accommodation, and all materials incorporated, or to be incorporated, into the works including maps and plans, on an "All Risks" basis. In this context the term "All Risks" means all causes not otherwise excluded by the policy such as war and nuclear perils, wear and tear, and risks more properly insured under other insurance. Specific exclusions may be imposed by the insurers following a review of the project specific exposures.
The coverage is to be co-ordinated and pick up where our Marine Cargo insurances cease and will include any partial or pre-operational phase including the static and dynamic testing, until final hand-over of the project from the contractors. The policy may also provide the coverage for all testing and extended maintenance cover.
