Protect your Investment from unexpected risks
What is Engineering Insurance?
Engineering Insurance is an insurance policy that covers a wide range of engineering related risks. It is a comprehensive insurance that provides complete protection against risks associated with erection, resting and working of any machinery, plant or equipment.
Engineering Insurance Coverage Solutions:
Machinery Breakdown
This policy covers machinery and equipment against mechanical and or electrical derangement or breakdown. It also extends to provide protection against loss of production.
Business Interruption Following Machine Breakdown
The policy covers the actual loss of gross profits sustained as a result of business interruption caused by a damage indefinable under the Machinery Breakdown Policy. Therefore all causes of loss covered the Machinery Breakdown Policy are also covered by this Policy. The policy provides cover for the agreed duration of business interruption (the Indemnity Period) which should relate to the amount of time required for repairing the machine damaged or for the delivery and commissioning of new machines in cases where total loss is possible.
Deterioration Of Stock
The policy provides cover for goods in cold storage against loss or damage caused by deterioration due to any unforeseen and sudden physical loss of or damage the machinery specified in the policy and indemnifiable under a Machinery Breakdown Policy in force at the time of loss.
Plant All Risk
The policy provides cover for unforeseen and accidental physical loss or damage to plant due to external causes. Main hazards include fortuitous working accidents, fire, burglary, theft, faulty operation, natural perils such as storm and flood, collision and overturning.
Electronic Equipment
This policy covers sudden and unforeseen physical loss or damage to any electronic equipment which includes laptops, PABX, computers and critical data equipment. Cover extends to the cost incurred in hiring workers to input lost data or costs of hiring temporary equipment.
Contractors All Risk Insurance
This policy offers comprehensive and adequate protection against loss or damage in respect of the contract works, construction plant and equipment, construction machinery and third party claims in respect of property damage or bodily injury arising in connection with the execution of a building/civil project.
Erection All Risks Insurance
This policy offers comprehensive and adequate protection against all risks involved in the erection of machinery, plant and steel structures of any kind as well as third party claims.