This kind of insurance is the ideal cover Loss or Damages to different kinds of construction projects such as buildings, roads, bridges & other civil constructions. This Policy covers the policyholder against any unforeseen and unexpected physical loss or damage from any cause. It also provides full coverage protections against risk related with erection all risk, contractors all risk, working of any machinery, plant or equipment, electronic equipments, machinery break down, boiler/ pressure plant insurance, Marine cum erection, loss of profit(machinery), contractor all risk etc. Some types of engineering insurance policies are:
- Contractor's Plant and MachineryThis type of policy includes damage or losses of expensive machinery, for construction contracting business. This insurance protects business from these losses. This insurance cover on partial or total damage to equipment or machinery, Insured plant and machinery for any physical damage by any cause (unless specifically excluded), covers all insured items whether at work, rest, or being dismantled for cleaning and overhauling or in the course of the aforesaid operations themselves, or when being shifted within the premises, or during subsequent re-erections but in any case only after successful commissioning.
- Electronic Equipment Insurance PolicyThis type of policy provides complete coverage for electronic equipment which includes physical loss or damage to all the electronic equipments, whether the in secured items at work or at rest or being dismantled for the purpose of cleaning, overhauling or of being shifted within the premises or in the course of the aforesaid operations themselves or during subsequent re erection but in any case only after successful commissioning.
- Contractors All RiskThis type of policy provides coverage for property damage and third-party injury or damage claims which include improper construction of structures, damage that happens during a renovation and damage to temporary work erected on-site. Third parties, including subcontractors, if they get injured while working at the construction site.
- Erection All riskThis type of policy provides coverage to the risk of loss which arises out of erection and installation of machinery plant and steel structures, including physical damage to the contract works, equipment and machinery, and liability for third-party bodily injury or property damage arising out of these operations.
- Marine cum erectionThis type of policy provides coverage to principal and contractors and also to the manufacturers and suppliers erecting machinery and plants against financial loss due to any sudden unforeseen cause resulting in loss or damage to the property insured at the project site whilst being stored erected, tested and commissioned.