What is the difference between construction all risks and installation all risks? Six big differences to know


The scope of coverage is different

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Installation all risks insurance refers to the installation works of various equipment and devices (including electrical, ventilation, water supply and drainage, equipment installation, etc.), and industrial equipment and pipelines are often covered in the scope of installation works

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Installation all risks insurance includes: building water supply, drainage and heating, building electrical, intelligent building, ventilation and air conditioning, elevator installation and other sub projects

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The main insurance liabilities are natural disasters and accidents

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Construction all risks insurance covers all kinds of civil, industrial and public utility construction projects, including roads, dams, bridges, ports, water diversion and water supply projects, and all losses caused by natural disasters or accidents during construction

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The subject matter of construction insurance is gradually increased after the commencement of construction, and the amount of insurance is also gradually increased

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The subject matter of installation all risks insurance is stored at the construction site at the beginning, and the insurance company bears the risk of all the goods price at the beginning, and the risk is relatively concentrated

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After the installation of the machine, the risks brought about by the test run and examination, as well as the risk of machine damage during the test run, are quite large

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These risks are not included in the construction insurance

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3

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The causes of risks are different

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In general, natural disasters are more likely to cause the loss of the insurance subject of construction all risks insurance, while the insurance subject of installation all risks insurance is mostly the installation and equipment in buildings (except petrochemical, bridges, steel structure buildings, etc.), which is less likely to be damaged by natural disasters (flood, typhoon, rainstorm, etc.), and can be damaged by man-made accidents Therefore, it is necessary to urge the insured to strengthen on-site safety operation management and strictly implement safety operation regulations

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4

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The risk loss rate is different

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The installation project must pass the test run before the handover

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During the test run period, any potential factor may cause the loss, and the loss rate accounts for more than half of the total loss in the installation period

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Due to the concentration of risks, the premium rate of all risks insurance for installation works during the test run period usually accounts for about 1 / 3 of the premium of the whole construction period, and it does not bear the responsibility of compensation for old machinery and equipment

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(1) the insurance amount listed in the detailed list of the insurance policy shall not be less than: 1

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Installation project – the total value of the insurance project at the time of completion of installation, including equipment cost, raw material cost, installation cost, construction cost, transportation cost, insurance cost, customs and other taxes and expenses, as well as the cost of raw materials and equipment provided by the owner of the project; 2 Machinery, plant and mechanical equipment for construction – the cost of replacement of new machinery, plant and mechanical equipment of the same model and load; 3

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Other insurance items – the amount agreed between the insured and the company

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(2) If the insured insures the project with the total estimated cost of the project as stipulated in the insurance project contract, the insured shall: 1

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When the costs included in the project cost under the insurance exceed the original insurance project cost due to price increase or appreciation, the insured shall notify the company in writing as soon as possible, and the company shall adjust the insurance amount accordingly; 2

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Make detailed adjustment to the corresponding project within the insurance period 3

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If the installation period of the insured project exceeds three years, the actual investment amount and the adjusted total cost of the project must be reported to the company every twelve months from the effective date of the insurance policy, and the company will adjust the insurance premium accordingly; 4

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Within three months after the expiration of the insurance period specified in the insurance policy Declare the final total value of the project to the company, and the company adjusts the premium collected in advance in the way of refund for excess and compensation for deficiency

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Otherwise, in view of the above clauses, the company will be deemed to have insufficient insurance amount

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In case of any loss within the scope of this insurance, the company will compensate for all kinds of losses in proportion according to the provisions of Clause (6) of the general provisions of this insurance policy

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Construction all risks insurance (1) the insurance amount listed in the schedule of this insurance policy shall not be less than: Construction Project – the total value of the insurance project at the completion of the construction, including the cost of raw materials, equipment, construction, installation, transportation and insurance, customs duties, other taxes and expenses, as well as the cost of raw materials and equipment provided by the owner of the project; construction machinery Plant and machinery – the cost of replacement of new machines, plants and machinery of the same model and load; other insurance items – the amount agreed between the insured and the company

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(2) If the insured insures the project with the total estimated cost of the project as stipulated in the insurance project contract, the insured shall: when the costs included in the project cost under the insurance exceed the original insurance project cost due to price increase or appreciation, the insured shall inform the company in writing as soon as possible, and the company shall adjust the insurance amount accordingly; and make accurate decision on the corresponding project details within the insurance period If the construction period of the insured project exceeds three years, the actual investment amount and the adjusted total cost of the project must be reported to the company every twelve months from the effective date of this insurance policy, and the company will adjust the insurance premium accordingly; within three months after the expiration of the insurance period specified in this insurance policy The company declares the final total value of the project, and the company adjusts the premium collected in advance in the way of refund for excess and compensation for deficiency

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Otherwise, in view of the above clauses, the company will regard the insured amount as insufficient

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In case of any loss within the scope of this insurance, the company will compensate for all kinds of losses in proportion according to the provisions of Clause (6) of the general provisions of this insurance policy

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6 exclusions different exclusions of all risks for installation works: any loss, cost and liability caused by war, similar acts of war, hostile acts, armed conflict, terrorist activities, rebellion, coup; confiscation, requisition, destruction or destruction by government order or any public authority; any loss, cost and liability caused by strike, riot, civil commotion; the insured and Any loss, expense and liability caused by the intentional act or gross negligence of its representatives; any loss, expense and liability caused by nuclear fission, nuclear fusion, nuclear weapons, nuclear materials, nuclear radiation and radioactive pollution; any loss, expense and liability caused by air, land, water pollution and other kinds of pollution; any loss, expense and liability caused by partial or total shutdown of the project The insurance company shall be responsible for the loss and liability of the insured, the fine, delay, loss of contract and other consequential losses, and the deductible that shall be borne by the insured himself as stipulated in the schedule of the insurance policy or relevant clauses

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Exclusive liability of all risks insurance for Construction Engineering: losses and expenses caused by design errors; losses and expenses of the insured property caused by natural wear and tear, internal or potential defects, material change, spontaneous combustion, self heating, oxidation, corrosion, leakage, rat bite, insect infestation, atmospheric (climate or temperature) change, normal water level change or other gradual causes; losses and expenses caused by raw material defects or workmanship The loss of the insured property itself caused by mismanagement and the expenses paid for replacement, repair or correction of these defects and errors; the loss of the machinery or electrical device itself caused by non external forces, or the loss of the construction machinery, equipment and mechanical device itself caused by failure; the cost of maintenance or normal maintenance; archives, documents, books of account, bills, cash, various securities Loss of chart data and packing materials; shortage found in inventory; loss of vehicles, ships and aircraft with public transport driving license or covered by other insurance; unless otherwise agreed, the insured property has been issued completion acceptance certificate or accepted or actually occupied or used or taken over by the owner of the project before the end of the insurance period of this policy Part of it

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Generally speaking, the risk of installation all risks is greater, and the insurance rate is higher than that of construction all risks.

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