Engineering

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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
  •   Construction machinery
  •   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
  •   Factory Buildings
  •   Road / Infrastructure Work
  •   Highways / Bridges
  •   Tunnels

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;

  •   Plant and Machinery
  •   Steel structures
  •   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;
  •   Shovels
  •   Excavators, Bobcat, Bulldozer
  •   Concrete Mixers
  •   Fork Lifts
  •   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.
  •   Boilers with auxiliaries
  •   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: These are expenses which have to pay including; salaries/ wages of the staff, rent (if the property on rent), utility expenses etc.

Increase Cost of Working: Increase in cost of working incurred to save a loss of gross profit like hiring more labour, increase in working hours which increase over time expenses, utility expenses etc.

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
  •   Burglary

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.