This type of insurance is especially designed to provide complete insurance coverage for engineers and contractors who work in high-risk environments and are exposed to both physical and economic threats that come with such projects. Accidents are common in this profession as it involves scaling heights and also other hazards like fire always lurk around the corner.
Engineering Insurance Policies include:
- Contractor’s All Risks Insurance
- Erection All Risks Insurance
- Contractor’s Plant and Machinery Insurance
- Machinery Breakdown Insurance
Contractors All Risks Insurance
This cover is offered to Principals Contractors and their subcontractors engaged in construction activities. This cover is designed to compensate against sudden and unforeseen accidental physical loss or damage during construction and during defect liability period and to meet contractual obligations.
Erection All Risks Insurance
Any loss or damage to projects that involve erection/installation of plant, machinery and equipment is covered by this policy; ranging from erection of a single machine to a large plant.
It protects a contractor or employer against the physical loss or damage to the contract works, construction plant and equipment or machinery. It also includes cover for physical harm and damage to property belonging to third parties.
Contractor’s Plant and Machinery Insurance
This policy covers unforeseen and sudden physical loss or damage to equipment owned, hired or leased. It covers those machineries and/or equipment against all risks except mechanical and electrical derangement whilst at work or rest, in transit as well as during maintenance.
Machinery Breakdown Insurance
Machinery Insurance is important for everyone operating a technical plant or machinery, whether they are large industrial enterprises or small firms, as an unexpected damage to machinery and equipment can deter the progress of a company’s projects. This policy covers a diverse spectrum of machines and equipment in commercial and production facilities.
All the above type of policies cover Material Damage as well as Third Party Liability. Material Damage covers physical damages, loss of property items and damage to property caused by various factors. Whereas Third Party Liability Insurance covers the client for the liability towards the third-party like injuries and vehicle damages caused due to contractors’ negligence.