What is Engineering Insurance and its kinds?
Engineering insurance refers to the class of pre-operation insurance that insures project owners and contractors relative to risks they face in connection with their ongoing construction project, installation project including machines and equipments.
There are several products under this category:
What is Contractor’s All Risk Insurance?
It is a combination of damage to property insurance and third party liability cover. It seeks to insure the following:
What is Delay in Startup Insurance?
It is a class of business interruption insurance for construction project. It shall indemnify the insured for loss of business income if the project is not completed on time as a consequence of physical loss or damage to the insured project.
What is Erection All Risk Insurance?
It is an “All Risk” insurance that seeks to cover exposure during the installation and erection of machines and erection of a plant.
It also includes cover for damage to property of third parties and bodily damage to third parties.
What is Electronic Equipment Insurance?
It is an “All Risk” insurance seeks to protect an insured against sudden and unforeseen loss and damage to the covered electronic equipment such as computers, ECG machines and x-ray machines.
What is Machinery Breakdown Insurance?
It seeks to insure the machinery, mechanical and electrical equipment as a result of sudden and accidental breakdown.
What is Machinery Loss of Profit Insurance?
It is class of business interruption insurance. It seeks to complement Machinery Breakdown Insurance by indemnifying the insured for loss of profit arising from a covered claim under Machinery Breakdown Insurance.
What is Deterioration of Stocks Insurance?
It seeks to complement Machinery Breakdown Insurance by indemnifying the insured for losses in arising from deterioration of goods in an cold storage due to a breakdown of the insured machinery.
Engineering insurance refers to the class of pre-operation insurance that insures project owners and contractors relative to risks they face in connection with their ongoing construction project, installation project including machines and equipments.
There are several products under this category:
- Contractor’s All Risk Insurance
- Delay in Start-up Insurance
- Erection All Risk Insurance
- Electronic Equipment Insurance
- Machinery Breakdown Insurance
- Machinery Loss of Profit Insurance
- Deterioration of Stocks Insurance
What is Contractor’s All Risk Insurance?
It is a combination of damage to property insurance and third party liability cover. It seeks to insure the following:
- Civil works or project during the course of construction against sudden and unforeseen loss or damage occurring within the period of cover.
- Against liability of the insured to third party resulting from the construction activities.
What is Delay in Startup Insurance?
It is a class of business interruption insurance for construction project. It shall indemnify the insured for loss of business income if the project is not completed on time as a consequence of physical loss or damage to the insured project.
What is Erection All Risk Insurance?
It is an “All Risk” insurance that seeks to cover exposure during the installation and erection of machines and erection of a plant.
It also includes cover for damage to property of third parties and bodily damage to third parties.
What is Electronic Equipment Insurance?
It is an “All Risk” insurance seeks to protect an insured against sudden and unforeseen loss and damage to the covered electronic equipment such as computers, ECG machines and x-ray machines.
What is Machinery Breakdown Insurance?
It seeks to insure the machinery, mechanical and electrical equipment as a result of sudden and accidental breakdown.
What is Machinery Loss of Profit Insurance?
It is class of business interruption insurance. It seeks to complement Machinery Breakdown Insurance by indemnifying the insured for loss of profit arising from a covered claim under Machinery Breakdown Insurance.
What is Deterioration of Stocks Insurance?
It seeks to complement Machinery Breakdown Insurance by indemnifying the insured for losses in arising from deterioration of goods in an cold storage due to a breakdown of the insured machinery.
THE DATA CONTAINED IN THIS SITE ARE FOR GENERAL INFORMATIONAL PURPOSES ONLY. THE ADVICE OF A PROFESSIONAL INSURANCE INTERMEDIARY AND COUNSEL SHOULD ALWAYS BE OBTAINED.
THE INFORMATION CONTAINED HEREIN HAS BEEN COMPILED FROM SOURCES BELIEVED TO BE RELIABLE. NO WARRANTY, GUARANTEE, OR REPRESENTATION, EITHER EXPRESSED OR IMPLIED, IS MADE AS TO THE CORRECTNESS OR SUFFICIENCY OF ANY REPRESENTATION CONTAINED HEREIN.
THE INFORMATION CONTAINED HEREIN HAS BEEN COMPILED FROM SOURCES BELIEVED TO BE RELIABLE. NO WARRANTY, GUARANTEE, OR REPRESENTATION, EITHER EXPRESSED OR IMPLIED, IS MADE AS TO THE CORRECTNESS OR SUFFICIENCY OF ANY REPRESENTATION CONTAINED HEREIN.