Engineering Insurance:
Industrialization and Technological advancement comes with new innovation and high-tech risk that are both volatile and complex in nature. The magnitude of the value at risk, the specialized nature of those high tech equipment and their operations demand an equally specialized insurance package to ensure adequate protection of the investment.
Our Engineering Package with the following policies are designed to provide cover along the Engineering Value Chain:
Provides cover against any sudden and unforeseen physical loss or damage to the civil contract work which the contractor is executing caused by fire, lightning, explosion, flood or storm, earthquake, theft or burglary, bad workmanship or negligence, lack of skill or experience, malicious acts, human error, or any other sudden and unforeseen event. It also provides indemnity in respect of legal liabilities for bodily injury to or illness of third parties and the loss of or damage to property belonging to third parties due to the works.
Provides comprehensive cover against all risk of unforeseen and physical losses or damage arising from the erection and installation works except perils specifically excluded as well as indemnity in respect of legal liabilities for bodily injury to or illness of third parties and the loss of or damage to property belonging to third parties due to the works.
Both the Contractor’s All-risk and the Erection All-risk can be extended to cover:
- Temporary buildings and contents on the worksite
- The policyholder’s existing property
- Contractors’ plant and equipment brought onto the site
- Clearance of debris
- Professional advisers’ fees
- Inland transit cover
- Off-site storage cover
This policy is designed to cover plant and machinery (such as bulldozers, tractors, scrappers, cranes, graders, loaders, crushers, compressors pumps etc) against any sudden, unforeseen physical loss or damage , occurring whether the machinery is at work, at rest or during maintenance operations subject to specified exclusions.
It provides cover against unforeseen and sudden physical loss or damage from causes such as defects in casting or material, faults at the workshop or in erection, bad workmanship, lack of skill, carelessness, shortage of water in boilers, physical explosion, tearing apart on account of centrifugal force, short-circuit, storm, and from any other cause not specifically excluded.
This is designed to provide cover for all risks of unforeseen physical loss or damage to (electrical and electronic equipment including loss of external data media as well as increased cost of working due to the failure of or material damage to the electronic equipment) which are not subject of exclusions.
Cover can also be provided on specific Turn-key Projects under a Construction All-risk package for works and operations, including but not limited to procurement, construction, fabrication, transit by land, sea or air, storage, towage, installation, pipe-laying, hook-up, connection and/or tie-in operations, testing and commissioning depending on the needs of the Insured. It can also be extended to cover Delay in Start Up; Operational “All Risks”; Machinery Breakdown; Business Interruption / Increased Cost of Working; Employers liability and General third party liability.
Boiler Insurance deals with the insurance of industrial boilers or pressure vessels against physical loss or damages that may arise through collapse, explosion or breakdown and is subject to statutory inspection requirement.
