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Why Engineering Insurance?
Businesses are evolving more rapidly and industries are becoming more responsive to market dynamics including global forces, risks and opportunities. Engineering and in particular construction sector is certainly not exempt and it would seem that history has taught stakeholders to be increasingly astute when it comes to risk management.
Nowadays it’s no longer only a question of, ‘What is engineering insurance?’ The more relevant questions being asked are, ‘What type of insurance cover is ideal in specific circumstances or for a specific project?’ And ‘Which service provider has the knowledge and expertise to ensure sound and quality underwriting?’
At Assurein Insurance, we understand that every project is different. We take time to assess your individual risk management requirements and exposures and deliver insurance solutions that are tailored to you and the needs of your project.
Engineering insurance covers a wide range of risks or uncertainties related to engineering. They are comprehensive insurances that offer economic safeguards against risks faced by ongoing construction projects, installation projects, and machines and equipment in project operation. The various risks covered by these polices include.
Engineering Insurances provide cover against various risks including material damage to contract works, and on-site plant, equipment and existing structures, third party property damage and injuries, legal liabilities and business interruption or loss of profits.
WHAT YOU NEED TO KNOW
Contractors All Risks (CAR) Insurance
Contractors All Risks (CAR) Insurance is designed to provide cover against loss or damage arising from insured perils in the course of construction process of buildings, roads, viaducts, bridges, dams, railway lines, dwellings, trenches and generally speaking developments using brick and mortar in the process of the building contract. It includes coverage against physical damage to the project, equipment and machinery and liability for third-party bodily injury or property damage arising out of these operations. The policy is ideal for contractors, developers, financiers and any other parties with interest in the project.
Erection All Risks (EAR) Insurance
This is an “all risks” cover designed for contractors to offer protection against unforeseen accidental physical loss or damage arising out of the erection and installation of machinery, plant, and steel structures, including physical damage to the project, equipment and machinery, and liability for third- party bodily injury or property damage arising out of these operations. Erection All Risks (EAR) Insurance is designed to accommodate mechanical contracts including (but not limited to) factory production lines, plant and machinery, transit erection and dismantling risks, towers, and the like.
Contractors’ Plant & Machinery (CPM) Insurance
Contractors’ Plant & Machinery (CPM) Insurance is designed to protect contractors’ plant and equipment against unforeseen accidental physical loss or damage whilst being used at the construction site for execution of a project, whilst at rest, whilst being dismantled for cleaning or overhauling, during subsequent re-erection, or whilst being transported within or to a contract site. Equipment covered include bulldozers, cranes, excavators, compressors, graders, dozers, generators at construction site(s) and compactors.
Electronic Equipment (EE) Insurance
The policy provides comprehensive coverage against physical loss or damage to all electronic equipment and data media, as well as the increased cost of working resulting from an accidental and unforeseen physical loss or damage to the electronic equipment. Designed for today’s advanced technology equipment ranging from desktop computer hardware, through to hand-held devices, PABX equipment, servers, sophisticated medical equipment and hi-tech scanners and printers.
Boiler & Pressure Vessels Insurance
The policy is designed to cover the sudden and violent rending or tearing apart of the permanent structure of a boiler or other apparatus by force of internal steam or fluid pressure and the sudden dangerous distortion of any part of a boiler or other apparatus by bending or crushing caused by steam or fluid pressure. It is tailored to protect industrial plants from boiler and pressure vessels explosion or collapse in the course of ordinary working.
Machinery Breakdown (MB) Insurance
The policy provides cover against sudden and unforeseen physical loss or damage to the machinery insured whilst on the premises from accidental, electrical and mechanical breakdowns such as defects in casting and material, faulty design, faults at a workshop or in erection, short-circuiting and other causes not specifically excluded under the policy in a manner necessitating repair or replacement of the machine.
Machinery Breakdown Loss of Profit (LOP) Insurance
Machinery Loss of Profits insurance provides cover for the actual loss of gross profit sustained as a result of a business interruption caused by an accident indemnifiable under machinery insurance. It covers continuing business expenses (standing charges), net profit, salaries and wages paid to employees and the increase in cost of working i.e. the additional expenditure necessarily and reasonably incurred for avoiding or diminishing a reduction in turnover. This is a secondary cover to machinery breakdown insurance
Machinery Breakdown Deterioration of Stock (DOS) Insurance
The policy covers losses due to deterioration of goods placed in cold storage, which might arise due to a breakdown of refrigerating machinery. This is also a secondary cover to machinery breakdown insurance. A claim can only arise when the insured refrigeration plant suffers from some unforeseen material damage indemnifiable under the machinery breakdown insurance policy, which gives rise to deterioration of the insured stocks.