Projector All Risk Insurance offers adequate and comprehensive coverage against damage or loss in respect of construction plant, contract work, construction machinery, and/or construction machinery/equipment. In this way, this policy is designed for architects, construction engineers, and financers as it contributes to reducing the overall expenses of construction. Moreover, in the Projector all risk policy offers sufficient financial protection to all the parties involved.
All major projects and investments present great opportunities, but also harbor risks. The management of risk in construction projects involves both the allocation of risk under the project contracts and the management of those risks through insurance. The ability to recognize and overcome risks is crucial to the success or failure of a project.
Many a times, it becomes a highly complex exercise in view of the large number of exposures and intricate networks and dependencies involved in such projects. Losses are often not attributed to one single cause. As a rule, there are always several combined factors that lead to a loss event. In many cases, planning errors and omissions or lack of due care and diligence during construction work / erection work is responsible for losses in difficult geological conditions.
Typically, both contractor and employer jointly take out Project insurance policies, with other parties such as financing companies having the option of being named to the policy. Because multiple parties are included in the policy, they each retain the right to file a claim against the insurer, although all parties have the duty of informing the insurer of any injuries and damages that may result in a claim.