Engineering Insurance
Engineering Insurance
In the dynamic landscape of engineering projects, risks abound at every turn. From the initial stages of planning to the final moments of execution, uncertainties lurk, potentially threatening the success and viability of endeavors. Engineering insurance stands as a stalwart shield against these uncertainties, offering a suite of comprehensive coverage to fortify investments and mitigate potential losses.
Key Coverages
This cornerstone coverage shields against loss or damage to construction works, machinery, and equipment throughout the construction phase. Encompassing a spectrum of perils including natural disasters, fire, theft, and accidental damage, CAR insurance provides a robust safety net for projects of all scales.
Key Coverage
Section 1 – Material Damage
This section of the insurance covers the contract works (Buildings and civil engineering works under construction) of the Insured against any unforeseen and sudden physical loss or damage from any cause e.g. fire, lightning, collapse, collision, impact, malicious damage, theft/ burglary, flood, windstorm and most form of accidental damage unless specifically excluded.
Optional to include Principal Existing Property Damage (PEPD) with additional sum where can protects you against loss or damage to property located on or surrounding the site belonging to or held in care, custody or control by you.
Section 2 – Third Party Liability
This section of the insurance covers the liability of the Insured against any liability in respect of third-party bodily injury or property damage arising out and in the course of the construction works.
Overview
Specifically tailored for erection, installation, and commissioning projects, EAR insurance offers comprehensive coverage against risks associated with the assembly and operation of machinery, plants, and structures. From transit to testing, it safeguards against a multitude of perils, ensuring smooth project execution.
Key Coverage:
Section 1 - Material Damage
This section of the insurance covers the contract works (Plants, machinery and equipment in the course of erection / installation) of the Insured against any unforeseen and sudden physical loss or damage from any cause e.g. fire, lightning, collapse, collision, impact, malicious damage, theft/ burglary, flood, windstorm and most form of accidental damage unless specifically excluded.
Section 2 – Third Party Liability
This section of the insurance covers the liability of the Insured against any liability in respect of third-party bodily injury or property damage arising out and in the course of the erection / installation works.
Overview
Electronic Equipment Insurance offers comprehensive coverage for your computers and other electronic devices, ensuring protection whether they are in use, idle, or undergoing maintenance such as cleaning, overhauling, or relocation within your premises.
Key Coverages
Section 1 – Material Damage
Section 2 – External Data Media
Section 3 – Increase Cost of Working (ICOW)
Overview
Offers protection against the loss or spoilage of stock stored in cold-storage facilities due to breakdowns or sudden and unforeseen accidents involving refrigerating plant or machinery.
Key Coverages
- Damage of Stock: Coverage for the financial loss incurred due to the deterioration or spoilage of stock stored in cold-storage rooms as a result of breakdowns or sudden accidents involving refrigerating plant or machinery.
- Breakdown Coverage: Protection against the costs associated with repairing or replacing the refrigerating plant or machinery that caused the loss of stock, ensuring prompt restoration of operations.
- Sudden and Unforeseen Accidents: Coverage for losses caused by sudden and unforeseen accidents that result in the breakdown or malfunction of the refrigerating equipment, providing financial security against unexpected events.
- Deterioration Coverage: Reimbursement for the deterioration of stock due to temperature variations or other factors resulting from the breakdown of refrigerating equipment, safeguarding against financial losses associated with spoiled or damaged goods.
Overview
Machinery breakdown insurance falls under engineering class, providing coverage for unforeseen and sudden damage to insured machinery, plants, or equipment. This protection applies whether the machinery is in operation, idle, or undergoing activities such as cleaning, maintenance, overhauling, inspection, or relocation within the premises.
Key Coverages
- Faulty Material, Design, Construction, and Erection: Protection against damage caused by defects in materials, design flaws, construction errors, or improper erection of machinery.
- Vibration, Mal-adjustment, or Mal-alignment: Coverage for damages resulting from excessive vibration, misalignment, or improper adjustment of machinery components.
- Defective Lubrication, Loosening of Parts, Abnormal Stress, Molecular Fatigue, Self-heating Centrifugal Force: Safeguarding against damages due to issues like inadequate lubrication, loosened parts, high stress levels, molecular fatigue, or self-heating centrifugal force.
- Excessive Electrical Pressure, Atmospheric Electricity, or Other Causes: Protection against damages caused by electrical overloads, atmospheric electricity, or other unforeseen factors leading to excessive electrical pressure.
- Short Circuits or Arcing: Coverage for damages resulting from short circuits or electrical arcing within the machinery.
- Lack of Skill and Carelessness in Handling the Machinery: Insurance against losses caused by lack of expertise or negligent handling of the machinery, ensuring protection even in human-error scenarios.
Overview
The policy covers loss of Gross Profit following an indemnifiable accident (the cover usually follows that of the machinery breakdown policy) and is measured on the reduction in turnover compared to the same period in the last twelve months and applying the Rate of Gross Profit.
Key Coverages
- Compensation for financial losses due to business interruption caused by machinery breakdown.
- Reimbursement for lost revenue during downtime.
- Coverage for additional expenses incurred to mitigate the impact of machinery breakdown, such as temporary rentals and overtime wages.
- Financial stability ensured during periods of machinery downtime.
- Minimization of overall impact on business profitability.