Understanding EAR and Warranty Policies: Coverage and Considerations
Engineering All Risks (EAR) and Warranty policies are essential insurance products tailored to safeguard equipment, materials, and contract work on construction sites. These policies offer comprehensive coverage that includes protection against physical damage during construction, testing, commissioning, and maintenance phases. Moreover, they extend to cover expenses for repairing or replacing damaged items and may include liability coverage arising from these incidents. Additionally, EAR and Warranty policies often encompass business interruption losses incurred due to equipment or material failures.
To mitigate potential losses and claims, these policies typically include loss prevention guidelines. These guidelines may involve regular maintenance and inspections of equipment and materials, adherence to safety standards, and proper training for personnel handling the insured items.
As with any insurance product, EAR and Warranty policies come with deductibles and exclusions that policyholders must carefully review. Understanding these terms and conditions ensures that the coverage aligns with specific needs and provides adequate protection against unforeseen events.
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