Engineering Insurance:
Protecting Your Projects and Assets
In the dynamic field of engineering, projects often involve complex processes, high-value assets, and a multitude of stakeholders. From construction sites to manufacturing facilities, engineering ventures are inherently exposed to various risks that could lead to financial losses or project delays. That's where engineering insurance comes in.
Types of Insurance Under Engineering
Contractors All Risks Insurance policy does cover all risks associated normally with a construction project. The policy provides coverage for both damage to a property and third-party injury or damage claims. The main purpose of the work being carried out is the construction of buildings or other structures. This includes building related trades such as roofing foundations and repair/alteration work. Associated plant and machinery work are included in the policy (e.g. lifts or boiler installations as part of new building construction). While breakdown during testing is provided under the policy, this is a small element of the risk. If a longer period of cover is required the risk should be covered under an EAR policy. Where the contractor is constructing buildings without a contract with a view to selling (speculative building), the buildings are covered following completion for a period of 90 days for commercial buildings and 180 days for a domestic building. Overall, the main risks are from environmental perils fire and theft, with limited exposure to testing or commissioning losses
Boiler and pressure insurance provide cover against damage to any boiler or pressure vessel and any other property of the insured.
Erection of all risks insurance policy covers loss or damage to projects that involves erection/installation of plant, machinery and equipment ranging from erection of a single machine to a large power plant. The main purpose of the work being carried out is the erection, installation and commissioning of plant and machinery. Associated building work is included in the policy (e.g. construction of a plant room or laying of foundations). There is an emphasis on mechanical testing and commissioning of new plant once installed.
Machinery breakdown insurance provides cover against unforeseen and sudden physical loss or damage to the machinery by any cause subject to expected risks. Machines are an integral part of all manufacturing and industrial units engaged in production of industrial/household goods. These may be large industrial establishments or small and medium enterprises and any unexpected accident/breakdown to their critical machinery brings it to a standstill adversely affecting business and causing a financial strain towards repair or replacement of the affected machinery. The Machinery Breakdown Insurance offers coverage to your organisation against these sudden unforeseen accidents/events.
Contractor Plant and Machinery Insurance policy covers sudden, accidental, external damage to the insured machinery due to any cause other than those specifically excluded in the policy. This policy covers all different types of machinery used for handling material or construction. The policy covers the machinery whilst they are in operation or at rest or whilst being dismantled for the purpose of cleaning or overhauling or whilst being shifted within the premises or during subsequent re-erection, but in any case, only after successful commissioning. *exclusions?
