Contractor’s All Risks
Contractors’ All Risks Insurance offers comprehensive and adequate protection against;
Loss or damage in respect of the contract works
Construction plant and equipment
Temporary facilities at site
Third Party Liability claims in respect of property damage or bodily injury
It covers unforeseen and sudden physical loss of or damage to insured items during the course of
their construction from whatever cause not specifically excluded under the policy.
Insured Risks include:
Building works of all types – villas, low-rise building high rise tower
Commercial / office towers
School / Hospital / Shopping Mall
Road / Infrastructure Work
Erection All Risks
This area of Engineering Insurance offers comprehensive and adequate protection against all the risks involved in the erection, testing and commissioning of;
Installation of Boilers / Transformers
Installation of Underground Services
Third Party Liability claims in respect of property damage or bodily injury
Erection All Risks provide protection against losses arising from unforeseen and sudden physical
loss or damage occurring during erection and testing from whatever cause not specifically
excluded under the policy.
Contractor’s Plant and Machinery
This insurance provides insurance protection against any loss or damage of your Construction
Plant,
Equipment & Machinery whether it is working on the site at rest or during maintenance operations
and
is not limited to a specific construction site and cover for the annual basis.
Some of the Insured items are listed here which can be covered under this policy;
Contractors Plant and equipment such as scaffolding, welding machine, generator, mixer, vibrator and other construction tools and equipment
Construction machinery like;
Excavators, Bobcat, Bulldozer
Tower Crane /Mobile Crane etc.
Each & every item must be declared for insurance with the current new replacement value,
including
all installation costs and customs duties.
Machinery Breakdown
Machinery Insurance provides protection for industrial enterprises using large units or fully
automated production plants and for medium-sized and small enterprises where machinery failure
may
have serious financial and economic consequences.
Plant and machinery are exposed daily to operational hazards, be it failure or malfunction of
safety
devices, faulty material, short circuit or even negligence of employees.
Insured Items include
Mechanical Plant, including engines, turbines, compressors, pumps, machine tools etc.
Electrical Equipment including generator motors, switchgear and transformers
Consequential loss following Machinery Breakdown
With increasingly sophisticated machinery and longer delivery periods from makers, any such
interruption is a cause of great concern to the owners, in this situation the consequential loss
policy cover loss of business following accidents as insured under Machinery Breakdown Insurance
Policy including increase in cost of working.
Insured Risks
- Gross Profit: It covers loss of Gross Profit following an accident to the insured machinery which is covered under the Machinery Breakdown Insurance Policy.
- Fixed Standing Charges: It covers loss of Gross Profit following an accident to the insured machinery which is covered under the Machinery Breakdown Insurance Policy.
- Increase Cost of Working: It covers loss of Gross Profit following an accident to the insured machinery which is covered under the Machinery Breakdown Insurance Policy.
Electronic Equipment
Electronic Equipment Insurance gives the widest possible cover appropriate for the exposure of
electronic equipment to everyday operational hazard as well as catastrophic losses.
This is an “accidental” insurance on an “all risks” basis covering sudden and unforeseen losses
which materially affect the subject matter insured. Losses due to the following causes give rise
to
the vast majority of all claims.
Fire, lightning, explosion
Short circuit and other electrical causes
Malicious acts of workmen, employees, third parties
Boiler and Pressure Plant
The Boiler and Pressure Vessel Insurance Policy provide coverage against an explosion of any
boiler
or pressure vessel insured whilst in the course of ordinary work.
Insured Risks
The policy covers the results of explosion or collapse of the insured boilers or vessels;
Damage to the insured item itself
Damage to other property of the insured
Liability for damage to property not belonging to the insured (but under care, custody and control of the insured)
Liability to third parties for fatal or non-fatal personal injuries
Legal expenses are covered where legal proceeding
Deterioration of stock
This policy will compensate any loss or damage to perishable goods (e.g.: food items such as
fish, shrimp, meat etc.) kept in cold storage which deteriorate due to any unforeseen and
sudden
physical loss of or damage to the machinery specified in the list of machinery and which can
be
indemnified under the machinery breakdown policy in force. Therefore the precondition to
obtaining this insurance is that the cold storage facility in which the perishable goods are
to
be kept should be insured under a Machinery Breakdown Policy.
Engineering Insurance Products
Engineering insurance is a type of insurance that provides financial protection to individuals and businesses against risks associated with construction and engineering projects in the UAE. Engineering insurance can be purchased by contractors, builders, architects, engineers, and other professionals involved in the construction industry to protect their projects from risks such as accidents, equipment breakdowns, and unforeseen events that can result in financial losses.
There are several types of engineering insurance available in the UAE, including:
- Contractors All Risk (CAR) insurance: This type of insurance covers physical damage to the construction site and materials, as well as liability for injury or damage to third parties. CAR insurance typically covers risks such as fire, flood, theft, and accidental damage.
- Erection All Risk (EAR) insurance: This type of insurance covers damage to equipment and machinery during installation or assembly. EAR insurance typically covers risks such as accidental damage, fire, and theft.
- Machinery Breakdown insurance: This type of insurance covers damage or breakdown of machinery and equipment used in construction or manufacturing. Machinery breakdown insurance typically covers risks such as electrical or mechanical breakdown, human error, and power surges.
- Professional Indemnity insurance: This type of insurance covers legal liability for damages resulting from professional negligence or errors in design, construction, or engineering. Professional indemnity insurance typically covers risks such as design errors, omissions, and professional misconduct.
- Delay in Start-up (DSU) insurance: This type of insurance covers financial losses resulting from delays in the start of a project due to unexpected events, such as equipment breakdowns or natural disasters. DSU insurance typically covers additional costs associated with delays, such as additional labor costs and lost revenue.
When purchasing engineering insurance in the UAE, it is important to consider factors such as the type of project, the value of the construction or engineering work, the level of risk involved, and the potential financial impact of unexpected events. It is also important to choose a reputable insurer with a good track record of paying claims and to carefully review the terms and conditions of the policy to ensure that it provides the necessary coverage for your specific needs.
In summary, engineering insurance provides financial protection for individuals and businesses involved in construction and engineering projects in the UAE, covering risks such as accidents, equipment breakdowns, and unforeseen events. There are several types of engineering insurance available, including Contractors All Risk, Erection All Risk, Machinery Breakdown, Professional Indemnity, and Delay in Start-up insurance, and it is important to carefully consider the specific needs of your project when choosing an insurance policy.
Frequently asked questions (FAQ) about Engineering Insurance
A: Engineering insurance is a type of insurance that provides financial protection to individuals and businesses against risks associated with construction and engineering projects in the UAE.
A: Contractors, builders, architects, engineers, and other professionals involved in the construction industry in the UAE typically need engineering insurance to protect their projects from risks such as accidents, equipment breakdowns, and unforeseen events that can result in financial losses.
A: There are several types of engineering insurance available in the UAE, including Contractors All Risk (CAR) insurance, Erection All Risk (EAR) insurance, Machinery Breakdown insurance, Professional Indemnity insurance, and Delay in Start-up (DSU) insurance.
A: CAR insurance covers physical damage to the construction site and materials, as well as liability for injury or damage to third parties. CAR insurance typically covers risks such as fire, flood, theft, and accidental damage.
A: EAR insurance covers damage to equipment and machinery during installation or assembly. EAR insurance typically covers risks such as accidental damage, fire, and theft.
A: Machinery breakdown insurance covers damage or breakdown of machinery and equipment used in construction or manufacturing. Machinery breakdown insurance typically covers risks such as electrical or mechanical breakdown, human error, and power surges.
A: Professional indemnity insurance covers legal liability for damages resulting from professional negligence or errors in design, construction, or engineering. Professional indemnity insurance typically covers risks such as design errors, omissions, and professional misconduct.
A: DSU insurance covers financial losses resulting from delays in the start of a project due to unexpected events, such as equipment breakdowns or natural disasters. DSU insurance typically covers additional costs associated with delays, such as additional labor costs and lost revenue.
A: Al Buhaira Insurance is a leading insurance provider in the UAE, offering a range of engineering insurance products to meet the needs of customers in the construction and engineering industry. Al Buhaira Insurance has a team of experienced professionals who can provide customized insurance solutions tailored to the specific needs of customers, including risk assessments, policy selection, and claims management. Al Buhaira Insurance is committed to providing quality insurance products and services to help customers protect their projects and investments.