Engineering insurance protects the insured against misfortunes such as machinery breakdown, business interruption, deterioration of stock, engineering transit, dismantling and erection and accidental damage to electronic equipment, mobile plant and construction work.
Types of Engineering Insurance The common types of engineering insurance policies include:
- Contractors All Risk
- Erection All Risks
- Machinery Breakdown
- Boiler and Pressure Vessel
- Plant All Risks
The cover is an “ALL RISKS” against all sudden and unforeseen loss or damage occurring to the property during the period of insurance resulting from Fire, lighting, explosion Flood, inundation, earthquake Theft/burglary, bad workmanship, Lack of skill, negligence, malicious acts or human error.
Machinery Breakdown Insurance Machinery Breakdown Insurance covers plant, machinery and mechanical equipment at work, at rest or during maintenance operations. It is a material damage policy which covers accidental breakdown to mechanical, lifting and electrical machinery. It is an accident insurance on machinery. The main thrust of the Insurance Cover is mainly electrical and mechanical breakdown and accidental damage resulting from extraneous causes.
Plant All Risks Insurance Plant All Risks Insurance is designed for contractors’ plants and machinery on an annual basis. The policy covers the insured construction equipment and plant against unforeseen or accidental damage from a number of risks which include: Innocent operation, negligent or malice. It covers: Heavy mobile plant against any loss or damage from any cause whatsoever occurring at work, at rest, during maintenance operations, in transit by road, rail or inland waterways. Items could be moveable and non-moveable plant which may include –Bulldozers, Scrappers, Cranes and Hoists etc.