What is Erection All Risks Insurance?

Many risks are encountered during the installation of industrial facilities, power plants, production lines, or technological systems. Erection All Risks Insurance is a type of coverage that secures both the contractor and the employer against unexpected damages and losses that may occur during this process. Panacea Insurance protects all parties from the assembly stage to commissioning.

Scope and Coverages

Erection All Risks Insurance covers all physical damages that may occur during the assembly process. This policy secures damages originating from materials, equipment, and personnel, regardless of the size of the work or the area where the assembly is carried out.

• Damages occurring during assembly: Damages resulting from falling materials, impact, or tipping over.
• Transport and lifting accidents: Damages caused by crane tipping, load shifting, or faulty assembly.
• Natural disasters: Damages resulting from events such as earthquakes, storms, floods, and lightning.
• Fire and explosion risks: Losses originating from fire or explosions occurring in the assembly area.
• Third-party damages: Damages caused to the environment or third parties during the assembly process.

Purpose of Erection All Risks Insurance

Every project carries different risks within itself. The purpose of this insurance is to eliminate the financial effects of all unexpected events that may occur during the project process. Panacea Insurance makes the assembly process safe by protecting both the contractor company and the employer side.

Who is it Suitable For?

All contractors, contracting firms, engineering companies, and employers engaged in assembly work can take out this insurance. It is of great importance especially for companies performing assembly of energy, telecommunications, automation, machinery production, electrical systems, and industrial facilities. Panacea Insurance offers special policy content according to the needs of different sectors.

Advantages of Erection All Risks Insurance

• Covers all physical damages occurring during the assembly process.
• Minimizes financial loss in case of work stoppage or delay.
• Secures damages caused to third parties as well.
• Creates financial trust between the contractor and the employer.
• Technical consultancy support is provided throughout the process with Panacea Insurance.

Process in Case of Loss

The process followed when a loss occurs is quite simple. Panacea Insurance quickly examines the incident by appointing an adjuster following the loss notification. If the determined damage is suitable for the policy scope, the compensation payment is made in a short time. This process protects the financial balance of both the contractor and the employer.

1. Loss notification is made.
2. Scene investigation is conducted by the adjuster.
3. Loss report is prepared.
4. Compensation payment is performed.
5. The assembly process continues safely.

Exclusions

This policy does not cover situations such as normal wear and tear, lack of maintenance, use of defective materials, or intentional damage. Additionally, damages originating from war, terrorism, or radiation are also excluded. However, protection can be expanded by including optional additional coverages in the policy.

Internal Links and Additional Protection

To ensure equipment remains operational after the assembly process is complete, you can check our Machinery Breakdown Insurance and for general project security, our Construction All Risks Insurance pages. When applied together, these policies provide comprehensive protection.

Legal Framework and Reliability

All policies offered by Panacea Insurance are prepared within the framework of the legislation determined by the Insurance Association of Türkiye and the Insurance and Private Pension Regulation and Supervision Agency (SEDDK). In this way, all insurance transactions are under legal guarantee.

Your Guarantee in the Assembly Process: Panacea Insurance

Time, cost, and safety are the most critical factors in assembly projects. With Erection All Risks Insurance, you can take all these factors under control and complete your projects with peace of mind. Panacea Insurance stands by you with professional support at every step. Protect your projects today and move forward with confidence with Panacea Insurance.