What is Engineering insurance?
Engineering insurance may be simply be defined as that insurance that
provides economic safeguard to the risks faced by the ongoing construction project,
installation project, machines and equipment in project execution.
Engineering Insurance guarantee damage or loss due to material damage and
liability to third parties during the development or at the time of
installation , and damage or loss of machine or electronic equipment.
You May Read: What Is Insurance?
You May Read: What Is Insurance?
Types Of Engineering Insurance
Engineering insurance is divided into two category namely; Engineering
Insurance Projects and Non-Project:
Insurance (policy) for Engineering Project are of two types:
Insurance Installation (Erection All Risks Insurance / EAR)
EAR insurance covers risk associated with damage or loss insured objects during construction and installation during the maintenance period. Nevertheless security will be provided for legal liability to third parties during the construction activities. Examples: installation of antennas, installation of factory machine etc.Insurance Construction (Contractor All Risks / CAR)
CAR insurance is a protection against damage, accident or loss that may befall the construction and implementation of development during the maintenance period. Nevertheless security will be provided for legal liability to third parties during the construction activities. Example: construction of bridges, buildings, roads, dams, turbines etc.
2. There are several types coverage for Non-Project Engineering:
Civil Engineering Completed Risk (CECR) Insurance
Civil Engineering Completed Risk (CECR) Insurance guarantee for civil work
completed, such as bridges, dams ,roads, ports, turbines and other civilian
buildings. Guarantee given this policy include damage caused by floods, landslides, fire, earthquakes,
hurricanes, etc..
Heavy Equipment Insurance (Contractor Plant and Machine / CPM)
Contractor Plant and Machine ‘CPM’ Insurance covers risks associated with
damage or loss on the heavy equipment used by the danger caused by theft,
natural disasters, collision, tumbled, etc. Example: insurance for, excavators,
tractors, bulldozers, etc.
Electronic Equipment Insurance (EEI)
Electronic Equipment Insurance covers risks associated with damage or loss
of electronic equipment due to the danger that comes from outside, such as
short circuit, fire, etc. Example: insurance television studio equipment,
telecommunications equipment, CCTV, etc.You May Read: Electrical Contractors Insurance
Insurance Damage of Machine (MB)
MB Insurance covers risk associated with damage, loss of the machines or
machine breakdown. Example: insurance factory machines, refrigerator, etc.
Machine Loss of Profit (MLOP) Insurance
Machine Loss of Profit ‘MLOP’ insurance covers risk associated with loss of
gross profit arising from the destruction of refrigerator, machines and other
machines that are guaranteed under the Machine Breakdown insurance policy.Boiler & Pressure Vessel Insurance
Boiler & Pressure Vessel Insurance guarantee losses due to explosion of
a boiler or a pressure vessel. Damage to the insured object, damage to the
insured’s property, and legal responsibility to third party entities either
injury or property damage, are coverage offer by Boiler & Pressure Vessel
Insurance
Deterioration of Stock (D.O.S) Insurance
Deterioration of Stock ‘DOS’ insurance guarantee loss on goods
decomposition in the room due to damage to the engine air cooling. To get this
insurance claim insurance, then the cooler must be insured under the machine of
breakdown policy.
Tags:
Tags:
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