The objective of engineering insurance is to indemnify the insured against any sudden and unforeseen physical loss of or damage to the properly insured from any other than those specifically excluded under the respective policy, in respect of contract workers, construction plant and equipment, construction machinery, erection of machinery plant and steel structure of any kind etc. as applicable.
The Main types of Engineering insurance provided by the United Insurance company s.c. are-
- Contractor’s plant and machinery
- Contractors all risk
- Erection all Risk
- Boiler and Pressure Vessel
- Machinery Breakdown
- Deterioration of Stock
- Electronic Equipment
Contractors all Risk
The object of the policy is to offer comprehensive and adequate protection against loss or damage in respect of the contract works, as well as for third party claims in respect of property damage or bodily injury arising in connection with the execution of a civil engineering project.
Contractor’s plant and machinery
Erection all Risk
The policy provides for all risks (subject to specified exclusion) coverage from the time any of the machinery, plant equipment or material intended for the project leaves the manufacturers/supplier warehouse for transit and continues during the transit until arrivals at erection site and during storage and erections operations and till the erected plant is tested and commissioned for commercial operations.
Boiler and Pressure Vessel
The policy covers pressure vessels both fired and unfired against the risks of “Explosion” or “Collapse” and indemnifies the Insured against
- Damage (other than fire) to the boilers and/or other pressure plant described in the schedule.
- Damage (other than fire) to surrounding property of the Insured described in the schedule or to property by the Insured in trust or on commission or for which he is responsible.
- Liability of the Insured at law on account of Death or bodily injury to any person (other than a person under a contract of service or apprenticeship with the Insured) sustained death or bodily injury, which arises out of and in the course of employment with the Insured.
- Damages to property not belonging to the Insured nor held in trust or on commission not for which he is responsible.
The machinery insurance cover is intended to include any loss or damage to various types of machinery, plant and equipment due to unforeseen and sudden physical loss of or damage necessitating their repair or replacement.
The cover affords protection to the machineries which are at work or at rest and also when they are being dismantled for the purpose of cleaning, inspection and overhauling or removal to another position or in the course of their operations or subsequent re-erection, provided these are performed in the same premises.
The object of “Electronic Equipment Insurance” is to provide cover against any physical loss or damage to any electronic equipment. The Policy is issued on All Risk cover basis. The most common insurable items under this policy are the followings:-
- Computers, micro-processors, word-processors
- Telecommunication equipments
- Medical equipments
- Film TV studio equipments
- Electronic score board, etc