Engineering insurance refers to the insurance that provides economic safeguard to the risks faced by the ongoing construction project, installation project, and machines and equipment in project operation.
Currently, engineering insurance provides comprehensive coverage that provides protection against risk associated with construction / erection of project, plant machinery during operation. It is classified into two broad groups- Construction Phase and Operational phase.
Construction Phase policies are issued for the period of project - Contractor’s All Risk (CAR) Insurance / Erection All Risk (EAR) Insurance
Operational Insurance are annual policies renewable at expiry – Machinery Breakdown Insurance, Boiler and Pressure Plant Insurance, Contractor’s Plant and Machinery (CPM) Insurance etc.
Boilers and Pressure vessels are critical to the manufacturing process. Even a minor damage to these components can lead to potentially catastrophic outcomes such as explosions or collapses. These incidents have the potential to not only impact lives but also result in significant financial losses. Our specialized policy offers comprehensive coverage for the physical loss or damage to boilers and other pressure plants that generate steam. By providing this coverage, we ensure that your critical equipment is protected, minimizing the risk of devastating events and their associated consequences. Your operations can continue with confidence, knowing that you have the necessary support to address unforeseen challenges related to your vital assets.
This is just an indicative list, kindly refer policy wordings for detailed information.
