How to Make an Engineering Project, will be risk covered
Risk
Engineering Project have many complicated sources and risk, by vendor, supplier etc.
Engineering Insurance
Engineering insurance provides very broad cover for damage to the Insured property due to engineering risks during engineering activities, planning, designing, erection/construction, Testing, commissioning, operation, and maintenance.
Types of Engineering Insurance Policies
Contractor All Risk (CAR)
Covers any unforeseen and sudden physical loss or damage from any cause, in a manner necessitating repair or replacement to contract works, construction plants, equipment and machinery. This policy provides protection throughout the construction period followed by maintenance, if any for losses arising out of the maintenance work.
Erection All Risk (EAR)
This is a insurance cover that is available to the client in respect of any sort of contingency from the moment the materials are unloaded on the site of the project / works and continuous during storage, physical erection and till the test run is over which covers all physical losses or damage.
Contractor Plant and Machinery (CPM)
CPM policy has been designed to provide a cover on an annual basis to a contractor who may be using his plant and machinery at different projects during the course of the year.
The cover under a CPM policy is not limited to a specific project site and is operative at all sites wherever the plant and machinery is in use and even while the same is lying at the contractor’s own premises.
Machinery Breakdown (Machinery Insurance)
Covers all types of industrial/commercial machinery such as boilers, generators, turbines, compressors, freezers, elevators, escalators and the like from sudden and unforeseen damages
Heavy equipment insurance
Insurance that covers of damage or physical loss that occurs suddenly and unexpectedly for the coverage of heavy equipment, whether it is working, idle or being unloaded in the maintenance process, such as excavators, cranes, bulldozers, wheel loaders which are widely used in the plantation industry, mining and ports.
Electronic equipment insurance
Risk-prone equipment ought to be insured to prevent unforeseeable incidents from affecting the business process. Electronic Equipment such as computers, Microprocessors, Word – processors, Telecommunication types of equipment. Machine meant for medical use and other misc. Equipment like films, television studio equipment can be covered under this policy.
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