Engineering Insurance
Engineering insurance protects you from financial losses during engineering projects’ construction, operation or maintenance.
Engineering insurance protects you from financial losses during engineering projects’ construction, operation or maintenance. Whether you’re working on a large-scale construction site, managing heavy machinery or overseeing a technical installation, things don’t always go as planned. Accidents, machinery breakdowns or even natural disasters can disrupt your work and lead to unexpected expenses that may wipe out your savings in no time.
With engineering insurance, you can safeguard your investment, ensuring that you’re covered for risks like equipment damage, project delays or third-party liabilities. This insurance policy acts as your safety net—helping you focus on the project without constantly worrying about the “what ifs.”
What is covered in Engineering Insurance
Inclusion
- Malicious acts and riots: Protection against damages caused by intentional harm or civil disturbances like riots.
- Fire, lightning, explosion: Coverage for damages resulting from fire, lightning strikes or explosions.
- Floods, catastrophic storms, and other associated perils: Protection against natural disasters like floods and severe weather events.
- Earth’s movements, including landslides, rockslides, and subsidence: Coverage for damages caused by movements of the earth, such as landslides and sinking ground.
- Defects in construction: Protection against faults in construction, whether structural or material, that may lead to damage or failure.
- Burglary or theft: Coverage against loss or damage due to theft or burglary.
- Human errors or negligence: Protection against damages resulting from mistakes or negligence during engineering processes.
Exclusion
- War or invasion
- Deductibles – Contributed by the insured
- Radioactive contamination due to Nuclear Reactions
- Willful misconduct, such as planned negligence
- Poor workmanship and subpar quality of material
- Discontinuation of work
- Deterioration caused by oxidation and wear and tear
- Damage of glass
- Shortage caused by the disappearance or other factors
- Defective design
- Loss of drawings, files, or financial instruments like cash, cheques, etc.
- Terrorism
- Any involved party’s failure to meet their contractual obligation
6 Coverages are available in engineering insurance.
Construction All Risk
A Contractors All Risk (CAR) insurance policy provides comprehensive coverage for construction projects, protecting against a wide range of potential losses and liabilities during the construction phase.
Construction All Risk
Errection All Risk
Erection All Risk Insurance offers comprehensive protection for construction projects during the erection, installation, and commissioning phases.
Errection All Risk
Marine cum Storage cum Errection
This is a comprehensive policy covering all physical risks which a project is exposed to right from the warehouse of the supplier of equipments - whether imported or indigenous - to its erection, testing and commissioning at the site.
Marine cum Storage cum Errection
Machinery Breakdown
This is a policy which covers financial loss incurred by the insured due to loss or damage to machinery as a result of sudden accidental electrical and mechanical breakdown.
Machinery Breakdown
Contractor's Plant & Machinery
Contractors Plant and Machinery (CPM) insurance protects construction equipment, like bulldozers and cranes, from various risks such as fire, theft, and accidental damage.
Contractor's Plant & Machinery
Boiler & Pressure Plant Policy
A Boiler and Pressure Plant (BPP) policy is an insurance policy that provides coverage for boilers and other pressure vessels, primarily against physical loss or damage due to unforeseen and sudden events.
Boiler & Pressure Plant Policy