Engineering insurance refers to the insurance that provides economic safeguard to the risks faced by the ongoing construction project, installation project, and machines and equipment in project operation.

Depending on the project, the engineering insurance policies can be divided into:

CONTRACTORS’ ALL RISKS INSURANCE POLICY

This insurance policy provides coverage against unforeseen and sudden physical losses or damages to civil contract works, contractor Plant and Machinery, Temporary facility, principal existing property during the construction period till the end of maintenance period, as well as providing cover to the contractor against possible liabilities towards third parties.

ERECTION ALL RISKS INSURANCE POLICY

This insurance policy provides coverage against unforeseen and sudden physical losses or damages to electrical or mechanical erection project works, contractors’ plant and machinery, temporary facility as well as principal existing property which includes loss or damages during testing or commissioning. In addition, this insurance policy may also provide cover to the contractor against possible liabilities towards third parties.

CONTRACTORS’ PLANT AND MACHINERY INSURANCE POLICY

This policy provides contractors with plant and machinery coverage against unforeseen and sudden physical losses or damages from any cause except those excluded under the policy, during the period of insurance.

MACHINERY BREAKDOWN INSURANCE POLICY

This type of policy covers sudden and unforeseen physical losses or damages to machinery due to electrical, mechanical during the period of insurance.

DETERIORATION OF STOCK INSURANCE POLICY

This type of policy is issued in combination with Machinery Breakdown policy, and covers the deterioration of stock kept in cold storage due to the breakdown of refrigerating machinery.

ELECTRONIC EQUIPMENTS INSURANCE POLICY

This type of policy covers physical losses or damages to electronic or electrical equipment such as Electronic Data Processing (EDP) equipment, Electrical Equipment like medical, communication due to any unforeseen and sudden cause.

Engineering Insurance