INSURANCE SCHEME AVAILABLE TO THE CONSTRUCTION INDUSTRY

INSURANCE SCHEME AVAILABLE TO THE CONSTRUCTION INDUSTRY

The following are types of insurance scheme available to the construction industry in Nigeria:

CONTRACTOR ALL RISK INSURANCE (C.A.R ) –different types of civil engineering work ,ranging from small building to massive dam ,such has residential and office building, hospital school ,theater factory, power plant road railway facilities , air port , bridges ,tunnel. Water supply drainage system, canal, e.t.c are exposed to damage from a wide range of causes such as fire lightening. Flood storm and other accidental damages.

CONTRACTOR PLANT AND MACHINERY (C. P. M) –plant and equipment often constitute considerable part of a building contractor investment ,contractor plant and machinery is an all risk policy covering the plant and machinery sued by the contractor at the site for various project

ELECTRONIC EQUIPMENT INSURANCE (E .E. I ) –with the present electronic era in the country Nigeria, almost every industry rely on electronic aids , it is very glaring that such electronic equipment are very costly enough to warrant a comprehensive policy to cover the electronic equipment, such as
– Communication facilities such as teleprompter, telex.
– Office machinery such as word processor ,printing fax machine e.t.c

ERECTION ALL RISK INSURANCE (E. A. R) – the basic concept of erection all risk insurance is to offer comprehensive and adequate protection against all site risk, involve in the erection of machinery plant, steel structure of any kind as well as third party claim in respect of property damages injury arising in the connection with the execution of the erection project.

MACHINERY BREAKDOWN INSURANCE(MBD) – since the substitution for perfection in maintenance is zero to avoid breakdown in machine, however breakdown still occur involving expensive machinery equipment consuming financial investment. This insurance is an accident insurance on machinery. It covers machinery against sudden and unforeseen accident.