Asset All risks – comprehensive type of property or asset insurance that provides coverage for any incident not explicitly excluded in the policy. This means it offers broader protection compared to named perils insurance, which only covers specific risks listed in the policy. Coverage includes, but is not limited to:

• Fire – Damage caused by fire or explosions.
• Business interruption – Compensation for lost income if business operations are disrupted due to covered property damage.
• Machinery breakdown – Coverage for the repair or replacement of damaged machinery.
• Machinery consequential loss – designed to cover the financial losses a business may incur due to the interruption of operations following a machinery breakdown
• Electronic equipment – Protection for computers, servers, and other electronic devices.
• Burglary/Theft – Loss or damage to property arising from forcible and/or violent entry and/or exit from the premises insured.
• All risks – Covers loss or accidental damage to portable items like phones & laptops.
• Plate Glass – provides coverage for accidental breakage and damage to large panes of glass commonly used in commercial buildings, such as storefront display window.
• Money – designed to protect businesses against the loss of money due to various risks.

All sections have specific Sums insured and are subject to that class’ normal terms, conditions and warranties.

Marine insurance is a type of insurance that covers the loss or damage of ships, cargo, terminals, and any transport by which the property is transferred, acquired, or held between the points of origin and the final destination.

It includes coverage for various risks such as property damage, theft, collision, and other maritime perils.

Marine insurance can be categorized into several classes, each designed to cover specific risks associated with maritime activities. Here are some of the main types:

• Hull and Machinery Insurance: This covers the ship itself, including its hull, machinery, and equipment, against damage or loss due to various perils.
• Cargo Insurance: This protects the goods being transported by sea, air, or land from risks such as theft, damage, or loss during transit.
• Freight Insurance: This covers the freight charges paid by the shipper in case the cargo is lost, damaged, or delayed during transport.
• Inland Marine for Contractors Plant & Machinery. This covers the physical loss or damage to machinery and equipment used on construction sites. This includes items like cranes, bulldozers, excavators, compressors, and generators. Covers damage or loss due to unforeseen events like fire, theft, natural disasters, and accidents and third party liability.
• Marine liability for terminal operators and any other operations of the port including Stevedoers, bunkering, ship repairing and pilot.
• Inland Transit Insurance (commonly known as Goods in transit Insurance).

The target audience for marine insurance typically includes businesses and individuals involved in maritime activities. Here are some key groups:

• Ship Owners and Operators: This includes owners of commercial vessels such as cargo ships, tankers, and fishing boats, who need coverage for their vessels and operations.
• Cargo Owners: Businesses that ship goods internationally or domestically by sea, air, or land, requiring protection for their cargo against loss or damage.
• Marinas and Boatyards: Facilities that provide docking, storage, and maintenance services for boats and yachts.
• Marine Contractors: Companies involved in marine construction, dredging, and other maritime projects.
• Boating Clubs and Associations: Organizations that manage (non-commercial) recreational boating activities and events.
• Harbors and Ports: Entities responsible for the management and operation of ports and harbors, which need coverage for infrastructure and liability.
• Logistics and Freight Forwarders: Companies that manage the transportation and logistics of goods, ensuring they are covered during transit.
• Shipbuilders and Repairers: Businesses involved in the construction and repair of ships, requiring coverage for their operations and equipment.

BENEFITS COVERED

At NCBA insurance, we understand the importance of securing your business transactions and projects. That’s why we offer a range of bond solutions designed to provide financial protection and ensure compliance for all your business needs. Below are the key bonds we provide:

Bid Bonds

A Bid Bond offers financial assurance to the buyer that the contractor, if selected, will enter into a contract at the price and conditions proposed. It ensures that contractors submit honest, reliable bids and commit to fulfilling the terms of the project once awarded.

Benefits:

• Assures the buyer that the bidder will honor the bid
• Encourages transparency and trust in the bidding process

Performance Bonds

A Performance Bond guarantees that the contractor will complete the project according to the contract’s terms and conditions. In case the contractor defaults, the bond provides payment to the buyer to cover financial losses incurred (typically 10-20% of the contract price).

Benefits:

• Safeguards the buyer from financial loss due to contractor default
• Ensures completion of the project in line with the agreed terms

Customs Bonds

A Customs Bond ensures that duties, taxes, and fees on imported goods are paid, and that the goods comply with customs regulations. It acts as a guarantee to customs authorities that the importer will meet their obligations for goods entering the country.

Benefits:

• Guarantees compliance with customs regulations
• Facilitates smooth international trade and importation

Why Choose NCBA-IG for Your Bond Needs?

At NCBA-IG, we are committed to providing secure and reliable bond solutions to meet the diverse needs of our clients. Whether you are a contractor, buyer, or importer, our bond products offer you the financial protection and peace of mind you need.

Protecting Your Projects from Start to Finish

Contractors’ and Erection All Risks (CEAR) insurance is a specialized policy designed to cover a wide range of risks during the construction and erection of buildings, plants, machinery, and other infrastructure projects. This coverage protects contractors, project owners, and other stakeholders from financial losses resulting from unexpected events during the construction process.

Coverage Highlights

Our CAR and EAR policy offers comprehensive protection for various stages of your project:

1. Material Damage – Coverage for damages to the construction site, equipment, and materials due to events like fire, storm, theft, or vandalism.
2. Third-Party Liability – Protection against legal liabilities arising from damage or injury to third parties during construction, including accidental property damage or personal injury.
3. Erection/Installation Risks – Covers the risks involved with the installation or assembly of heavy equipment and machinery, including transportation and handling.
4. Natural Disasters – Coverage for damage due to natural events like earthquakes, floods, or landslides that can impact the construction process.
5. Delays and Loss of Income – Compensation for delays caused by insured events, including loss of income due to project postponement 

Who Needs CAR Insurance?

• Contractors working on construction and installation projects
• Project Owners looking for comprehensive risk coverage during project execution
• Subcontractors and Suppliers involved in the construction process
• Engineers and Consultants who oversee project execution

Benefits of CAR Insurance

• Comprehensive Coverage: Offers protection against both material and third-party risks.
• Customizable Plans: Tailor your policy to fit the size and scope of your specific project.
• Peace of Mind: With CEAR insurance, you can focus on completing the project while we manage the risks.
• Cost Efficiency: Helps mitigate financial loss due to construction delays, accidents, and damage.
• Legal Protection: Coverage for third-party claims, protecting you from costly legal disputes.

Why Choose Us?

We understand the complexities of construction and installation projects. Our CAR policy is designed to give you the confidence and security you need to proceed with your projects smoothly and efficiently. With our expert team, quick claims process, and customizable coverage, we ensure your risks are well-managed.

Protect your construction projects with confidence. Secure your future with our Contractors’ and Erection All Risks Insurance.