Engineering Insurance
ENGINEERING INSURANCE
CONTRACTORS ALL RISK POLICY (CAR)
CAR policy is specially designed to give financial protection to the Contractors in the event of an accident to the engineering works under construction and during maintenance period.
Scope of Cover
Section 1: MATERIAL DAMAGE (Details)
- Contract works
- Construction Plant & Machinery and Equipment used in the project execution in terms of replacement value
- Surrounding property
- Clearance & Removal of Debris
Section 2: THIRD PARTY LIABILITY (Details)
- Limit of Liability of any one accident
- Total Limit of Liability during policy period
RISK COVERED SUBJECT TO
- Waiver of Subrogation Clause attached to the policy
Information required:
A proposal form has to be filled out.
The final scope of cover will be subject to the terms, exclusions, provisions and conditions fully described in the policy.
ERECTION ALL RISK POLICY (EAR)
EAR Policy is designed to insure all types of Erection projects against risks related to project execution, including cold and hot testing and maintenance period.
Scope of Cover
Section 1: MATERIAL DAMAGE (Details)
- Landed Cost of Machinery as at Project Site (Invoice Cost, Freight, Insurance, Handling, Clearing and Custom duty)
- Cost of Erection
- Civil Engineering Works (Permanent, Temporary)
- Clearance and Removal of Debris following a loss
- Surrounding property
- Construction Plant & Equipment
Section 2: THIRD PARTY LIABILITY (Details)
- Limit of Liability of any one accident
- Total Limit of Liability during policy period
Information required:
A proposal form has to be filled out.
The final scope of cover will be subject to the terms, exclusions and conditions fully described in the policy.
CONTRACTORS PLANT AND MACHINERY INSURANCE POLICY (CPM)
CPM policy covers all different types of machinery used for handling material or construction against sudden, accidental, external damage to the insured machinery due to any of the following causes other than those specifically excluded in the policy.
- In operation or rest
- Being dismantled for the purpose of maintenance or overhauling
- Being shifted within the premises
- During an automatic operation
- During re-assembly
The policy can be extended to cover
- Third party liability - personal injury and property damage
- Damage to owner’s surrounding property
RISK COVERED SUBJECT TO CLAUSES
- Date Recognition Clause
- Change / Cancellation Clause
- Amended War etc. Exclusion Clause
- Terrorism and Sabotage Exclusion Clause
- Cyber Clarification Clause
- Excluding Inland Transit or accidents on public roads when self propelled
- Excluding mechanical breakdown
Information required:
- Quantity of each item
- Description of each item to be covered
- Serial Number etc
- Specification
- Year of Manufacture
- New Replacement Value of each item
- Details of the project for which these items are intended to be used
- Period of Insurance required / Project Period
A proposal form has to be filled out.
The final scope of the cover will be subject to the terms, exceptions, exclusions, provision and conditions described in the policy.
MACHINERY BREAKDOWN INSURANCE POLICY (MB)
Machinery Breakdown policy which covers financial loss incurred by the insured due to loss or damage to machinery as a result of sudden accidental electrical and mechanical breakdown.
It reimburses the insured for the cost of repairs or replacement of machinery of like nature. It is a requirement of this policy that the sum insured or value for which the particular machine is insured should represent the present day purchase value of a similar new machine including all incidental expenses like custom duties, taxes, excise, freight, insurance charges, handling charges etc.
All types of industrial machinery like compressors, pumps, turbine etc. as also electrical machines like transformer, electrical motor, generator etc. can be covered under this policy.
RISK COVERED SUBJECT TO
- Locations of the machines mentioned
Information required:
- Description of each item to be covered (Model, Serial No., Specification)
- Year of Manufacture
- New Replacement Value of each item
- Excess for each and every claim
A proposal form has to be filled out.
The final scope of the cover will be subject to the terms and exceptions, exclusions, provisions and conditions fully described in the policy.