Operational Risks

Overview

Operational Risks associated with gas plants, oil refineries, petrochemical facilities, fertilizer plants, and utilities require adequate insurance protection as the consequences in terms of physical damage and interruption losses in the event of an unfortunate accident will run into high numbers. Our policy is intended to provide coverage against such losses.

Perils Covered

The policy provides coverage under two broad sections.

Section – A

This section covers All Risks of physical loss or damage to contract works, including temporary works. The cover would include builders risks and cargo coverage, sue and labour, removal of wreck and debris, existing property, expediting expenses, war, (subject to waterborne agreement) and maintenance period.

Section – B

This section covers Third Party liabilities arising from operations for an agreed limit.

Underwriting Information Required

  • Nature of information required is exhaustive because of complex risk
  • Schedule of values
  • Locations
  • Details of operations
  • Concentration of values at risks
  • Past claim history etc.