Products & Services

Engineering Insurance

about

Listed under this line of insurance is a number of important policies designed to provide maximum insurance protection against wide range of risks related to and borne by constructing and/or erecting items in projects such as: infrastructure/ Energy/Oil and Petrochemical industry and related industries/Machinery and Equipment as well as performance of related hot and cold testing operations.. etc.

Type of Policies

1 - Contractors All Risk Policy (CAR)

This policy is designed to insure all types of civil engineering projects against wide range of risks related to or borne by project execution and maintenance period(s) if any.

Main Coverage:
  • Contract works - inclusive of all items to be erected and cost of erection, Freight, Customs Duties and Dues.
  • Construction Plant, Machinery and Equipment - the total replacement value for all construction plant, machinery and equipment used in the project execution.
  • Legal liability toward third parties - for property damage and/or bodily injuries arising from an accident, the contractor is held legally liable for.

2 - Erection All Risk Policy (EAR)

This policy is designed to insure all types of erection projects against wide range of risks related to or borne by a project execution including Cold and Hot Testing and maintenance period(s) if any.

Main Coverage:
  • Erection works - inclusive of all items to be erected and cost of erection, Freight, Customs Duties and Dues.
  • Civil Engineering Work -
  • Legal liability toward third parties - Compensate third parties for property damage and bodily injuries arising from an accident which the

3 - Contractors’ Plant and Machinery Insurance Policy (CPM)

This policy is tailored to indemnify the insured for physical loss or damage to the insured plant and machinery from any cause not specifically excluded in the policy after successful commissioning of the plant and machinery, while the Plant and Machinery are deemed:-

  • In operation or idle, or,
  • Being dismantled for the purpose of maintenance or overhauling, or,
  • During automatic operation, or
  • During re-assembly.

4 - Machinery Insurance Policy (MB)

This policy is tailored to indemnify the insured for physical loss or damage to the insured plant and machinery from any cause not specifically excluded in the policy after successful commissioning of the plant and machinery, while the Plant and Machinery are deemed:-

Insured risks :
  • Defect in casting and materials.
  • Faulty design.
  • Faults at work shop in assembly.
  • Lack of skills.
  • Other causes not specifically excluded in the policy.

5 - Loss of Profit Due to Machinery Breakdown Policy (MLOP)

The loss of profit due to machinery breakdown (consequential loss policy) will indemnify the insured for incurred reasonable financial loss following a machinery breakdown, provided that the cause of breakdown is covered under the Machinery Breakdown policy.

6 - Electronic Equipment Insurance Policy (EE)

This policy is tailored to provide a comprehensive insurance coverage(other than those explicitly excluded in the policy) to electronic equipment; computers, and their related net works, telephone networks, medical equipment and similar equipment after successful commission while the equipment are deemed:

  • In operation, or idle, or ,
  • Being dismantled for the purpose of cleaning or maintenance, or overhauling or,
  • During automatic operation, or ,
  • During re-assembly.
Optional Coverages
  • External Data Storing Systems - restoration of insured data storage and retrieval systems needed to continue normal operations.
  • Increased Operation Cost- indemnification for partial or total interruption of operations of insured EDP equipment.

7 - Deterioration of Stock in Cold Stores insurance Policy (DOS)

This policy is designed to indemnify the insured for suffered loss or damage caused by deterioration of the insured goods in cold stores due to unforeseen and sudden physical loss or damage to the machinery (Cold Store) holding the insured goods, provided that

  • The machinery is insured under enforced Machinery breakdown insurance during the entire policy period.
  • The cause of damage is covered under the Machinery Breakdown policy.