Engineering Insurance
Engineering insurance is a type of insurance policy that provides financial protection for assets and revenues against various engineering-related risks.
- Contractor’s All Risk Policy
- Contractor’s Plant & Machinery Insurance
- Erection All Risk Insurance
Meet Our Engineering Insurance USP’s
Financial Protection
Shields against financial losses due to equipment failure, accidents, or project delays.
Risk Management
Transfers risk from policyholder to insurer, providing peace of mind.
Comprehensive Coverage
Covers various engineering-related risks, including construction, erection, and operational risks.
Customizable
Policies can be tailored to meet specific project or business needs.
Business Continuity
Ensures continued operations and revenue streams despite unexpected events.
Equipment Protection
Covers costly equipment and machinery against damage or breakdown.
Liability Coverage
Protects against third-party claims and legal liabilities.
Expert Support
Access to experienced claims handlers and loss adjusters.
Project Delay Insurance
Covers costs and losses due to project delays or extensions.
Optional Extensions
Additional coverage options for specific risks, such as cyber risks or environmental hazards.
Types of Engineering Insurance
Contractor’s All Risk Policy
This insurance policy covers the contractors by offering financial protection against losses incurred during the construction phase of projects. The Contractor’s All Risk Insurance covers equipment and plants specifically used on-site from uncertainties arising during construction. This feature makes it necessary for big-budget projects such as airports, flyovers, etc.
Contractor’s Plant & Machinery Insurance
This insurance policy covers losses caused by damage to machinery and plants. Building contractors rely heavily on various costly machinery during construction, including cranes, road-rollers, bulldozers, hydraulic excavators, and more. Any damage to these machines can result in significant financial losses. However, with a Contractor’s Plant & Machinery Insurance, these losses can be reduced considerably.
Erection All Risk Insurance
This insurance provides a financial cushion in case of damages or losses suffered during machinery installation in factories or offices. This policy is designed to meet the demands of the fast-changing market that is technology-driven. The policy covers the installation of machinery in projects of all sizes, from big oil refineries to small offices. The coverage is for the entire duration of the project.
Detailed Inclusions of Engineering Policy
Malicious Acts and Riots
Defects in Construction
Floods, Catastrophic Storms, and Other Associated Perils
Earth’s Movements, Including landslides, Rockslides, and Subsidence
Fire, lightning, Explosion
Burglary or Theft
Human Errors or Negligence
Voltage Fluctuations, Short-Circuits
Mechanical Breakdown
Impacts, Foreign Objects, Collapses
Any Unforeseen Accidents
Coverage’s Under Engineering Insurance & Who Should Buy it!
Engineering insurance covers various risks associated with construction projects, including plant and machinery usage. This includes risks associated with leveling work, excavation, structure erection, and operating equipment, machinery, or plants. It also provides financial protection against various risks associated with construction projects. It helps to minimize financial losses in the event of accidents or breakdowns, which can impact business operations and revenues.
Engineering insurance is essential for businesses involved in construction, infrastructure development, and engineering projects. This includes contractors, builders, engineers, and project managers who want to minimize financial risks and ensure business continuity.