Engineering is a very important part of any country’s development and one of the most technical branches of insurance as well. The bigger an engineering project,the more are the chances for mishaps and accidents occurring. Such happenings are not only hazardous for the progress of the project, but also pose risks to the surrounding people and properties. Indemnity under engineering insurance policies is guided by various conditions, exclusions, and terms as stated in the contract.Based on this, the broad category of engineering insurance can be broken down into the following:
Erection All Risk Insurance Policy:-
A comprehensive engineering insurance, the Erection All Risk Insurance policy makes sure that nothing is left to chance. This policy covers all parties involved the erection work. This includes processes like erection, storage, testing as well as commissioning. You can opt for the policy coverage for the duration of the project till it is handed over to the owner or on a long term basis as well.
Machinery Breakdown Insurance Policy:-
Any physical damage incurred by machinery from any unforeseen circumstances or from accidents can end up hurting your business by slowing down or altogether halting operations. A machinery Breakdown insurance Policy can help you cover those heavy additional costs of repairing or replacing
Boiler Pressure Plant Insurance Policy:-
Factories use boilers and pressure plants as an integral part of daily production operations and these operate at rather high temperatures and intense pressures. Such working conditions make this equipment vulnerable to mishaps. The Boiler and Pressure Plant Insurance Policy can help you in the repair or replacement of your equipment, and can also be extended to cover damage to third party for their bodily injury and/ or property caused by the explosion or collapse.
Machinery Loss of Profit Insurance Policy:-
When your business is run on machines, a breakdown or damage to your machinery can be devastating. While you repair or replace your equipment, it can result in time lags and monetary losses. Loss of expected profit can cause problems with your carefully planned finances. This policy will compensate for lost profits well as any charges and expenses you face as a result of normal business operations stopping.
Contractor Plant and Machinery Insurance Policy:-
The Contractors Plant and Machinery Policy covers all principally movable plant equipment and machinery such as bulldozers, cranes, excavators, etc. In the case of an accident resulting in loss or damage to your machinery, you need to repair or replace the equipment as soon as possible so you can continue the work. This policy enables you to meet these needs swiftly and without any hassle.
Contractor’s All Risk:-
The Contractor's All Risk policy is an all risk policy that can be taken to cover the interests of all the parties participating in the project. It provides coverage for various risks that can cause a civil engineering project to run into losses.
Electronic Equipment Insurance Policy:-
An Electronic Equipment Insurance Policy provides an all risk Insurance cover in case of a breakdown or damage to electronic devices used in a business.