Type of Engineering Insurance Policy
Contractors All Risk (CAR)
Contractor’s All Risk Insurance policy comprehensively covers risks during construction. It includes physical loss or damage to property, plant and machinery, construction works brought on to the site and temporary works erected at the site as well as third party liability related to work conducted on the site. This policy is very useful for principal or owners, contractors, and financiers because it provides coverage against loss or damage to property insured and third-party liability claims.
Erection All Risk EAR):
Erection All Risk Insurance policy comprehensively covers these risks during the erection of Plant and Machinery. It includes physical loss or damage to property, plant and machinery, associated with storage, assembly/erection and testing of Plant and Machinery at the site, as well as third party liability related to work conducted on the site. This policy is very useful for principal or owners, contractors, and financiers because it provides coverage against loss or damage to property insured and third party liability claims.
Machinery Breakdown Insurance( MBD):
Machines are an integral part of all manufacturing and industrial units be it large industrial establishments or small and medium enterprises and any unexpected accident/breakdown can adversely affect business.
Machinery Breakdown Policy covers your mechanical and electrical machinery and equipment for which you are responsible or held in trust and/or commission at the insured premises. The policy is designed to provide cover against unforeseen and sudden physical loss or damage to the machinery.
Boiler Pressure Plant Insurance ( BPP)
Boiler Pressure Plant Policy covers the boiler and pressure vessel you own against explosion, implosion and collapse. It can be extended to cover third party liability and surrounding property. The Boiler Pressure Plant (BPP) Insurance policy covers physical loss or damage to all types of boilers and/or other pressure plants.
Machinery Loss of Profit( MLOP)
When a loss occurs due to any of the perils covered under Machinery /Boiler Loss of Profit Policy, the MBD/BPP policy shall pay for the reinstatement/ repair/ replacement of the damaged machinery. The period between the date on which the loss occurs and the date on which the entire reinstatement/repair/replacement is complete and the normal production restarts is the 'Period of Interruption'. This would result in a reduction in turnover/output causing subsequent loss of profits.
Machinery loss of profit covers consequential loss suffered by insured as an inevitable consequence of the accidental breakdown of any machinery.
Electronic Equipment Insurance( EEI):
Electronic Equipment Insurance Policy provides comprehensive coverage against unforeseen and sudden physical loss or damage to electronic equipment and data media that occurs owing to perils other than those specifically excluded under the policy.
All Electronic equipment like Computers, Medical, Microprocessors; Audio/Visual equipment including the value of Systems Software may be covered under Electronic Equipment Policy.
1. Contractor Plant and Machinery Insurance ( CPM):
Specially designed to protect the interest of civil contractors, the Contractor's Plant & Machinery Policy provides coverage against the damage or destruction related to various civil engineering projects. Cover operates when the insured property is machinery owned by the principle/contractors or any other person which is being used at the construction site.