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. Product categories: Depending on the project, it can be divided into construction project all risks insurance and installation project all risks insurance; depending on the attribute of the object, it can be divided into project all risks insurance, and machinery breakdown insurance.
Insurance Period: the same as the construction period of the project.
Inclusions under Engineering Insurance Policies:
- Sudden and unforeseen damage cover including breakdown from internal defects
- Computer equipment cover for loss or damage by almost any external cause
- Contract works cover – Erection All Risks
- Accidental damage cover for plant and equipment
- Deterioration of Stock
Why Engineering Insurance is Required.
Engineering insurance is essential to provide full cover for explosion risks. The peril ‘explosion’ in material damage cover provides only limited cover and excludes damage caused by any steam-pressured vessel.
Insurance cover for electrical breakdown is essential where computers are involved. The policy can cover sudden and unforeseen loss or damage to the computer installation, the increased cost of working arising from such damage and the reinstatement of any data lost as a result of the breakdown.