Engineering

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.

Machinery Breakdown

OVERVIEW

Machinery breakdown insurance provides a protection cover to the machines used by factories and industries. This insurance covers accidental breakdown and physical damage of the machinery and the cost of repairs or replacement of the damaged machine parts

BASIC COVERS INCLUDE

The protection is offered for machines both in working and in rest condition. Some other conditions are when dismantled or moved or re-assembled for cleaning, inspection or repair.

Mechanical: All types of Mechanical industrial plant like compressors, pumps, turbine engines, turbines (steam, water & gas), blowers, machine tools, presses and refrigerators etc.
Electrical: All types of electrical machines like a transformer, electrical motor, alternators & generators, motors, rectifiers and switchgear etc.
Process machines: All types of Process machines like cold storage, engineering and metallurgical, paper/ pulp making, printing, rubber/ plastics and textiles – cold storage, engineering and various manufacturing
Stationary: All Stationary equipment can be covered

INCLUSIONS