Engineering Insurance

This insurance is for the Principals, Contractors and sub-contractors undertaking civil construction works of all kinds and this policy can be tailored to meet the tender conditions, in relation to the requirement under a contract.

This insurance provides a comprehensive financial protection against loss or damage to the contract works including temporary structures, construction plant and equipment, construction machinery. In addition to this, CAR Insurance covers legal claims in respect of third property damage or bodily injury/death arising out and whilst in the course of the construction/ maintenance of the project.

This insurance is intended for Projects relating to any civil structural and infrastructural works etc.

The cover can be taken by the Principal or the Contractors engaged in the project, including all Subcontractors, Financial Institutions. The scheme covers all parties directly involved in the contract for their respective rights and interests.

The insurance provides financial protection against any accidental physical loss or damage to the contract works other than the specific exclusions as mentioned in the policy. Normally, claims under this insurance arise from the following causes :

  • Fire, Lightning, Cyclone, Hurricane, Flood, Storm, Tempest, Inundation subsidence, Landslide, Rockslide, Subsidence, Earthquake, Volcanic Eruption etc.

  • Riot, Strike and Civil Commotion, Malicious Damage, Burglary or Theft.

  • Lack of skill, bad workmanship, negligence

  • Explosion, Spontaneous Combustion, Heating, Fermentation.

  • Impact and Aircraft Damage.

Boiler Pressure Vessels

As boilers & pressure vessels may be covered together with other machines under a Machinery Breakdown Insurance, they can also be covered with more specific product, the Boiler & Pressure Vessels Insurance.

The insurance provides financial protection to cover loss or damage to industrial boilers, fired and unfired pressure vessels against the risk of explosion and collapse due to internal pressure which are inherent in all such steam generating equipment. The insurance covers :

  • Alternate Text Damage to boilers and pressure vessels caused solely due to explosion or collapse
  • Alternate Text Damage to surrounding property belonging to you such as building, machinery, stocks etc.
  • Alternate Text Legal liabilities on account of fatal or non-fatal injuries to persons and/or properties of third party

Electronic Equipment

This insurance offers a comprehensive cover for low voltage electronic / computer related equipment.

The Electronic equipment range from a Personal Computer to any sophisticated gadgetry.

Any physical loss or damage from any cause, other than those excluded will be compensated. The loss or damage must be due to accidental, sudden and unforeseen causes, whereby the equipment no longer function properly.

The cover is divided into three sections :

  • Alternate Text Material damage to the Equipment
  • Alternate Text External Data media
  • Alternate Text Increased cost of working

Business Interruption

This insurance is an optional cover that could be taken up to supplement the Machinery Breakdown Insurance.

This scheme protects the loss of gross profits and/or increased cost of working due to a continuing interruption to business caused by a breakdown covered under the Machinery Breakdown Insurance. The interruption usually comes in the form of time spent in arranging repairs, awaiting delivery of repaired or replacement parts (sometimes from overseas), starting up the plant and re-activating the business.

With increasingly sophisticated machinery and longer delivery periods from manufacturers, any such interruption is a cause of great concern to the owners especially when the cash flow dries up, standing charges are not met, wages and creditors remain to be paid and shareholders looking for a profit, the protection provided by this Insurance are ideally suitable.

Deterioration of Stocks

This insurance provides financial protection to the Cold Storage Owners/Hirers towards loss of damage to the goods kept in Cold Storage caused by deterioration arising from :

Goods covered under this insurance comprise of food products, fish, meat products, potato and apples, pharmaceutical products etc.

One of the conditions of this Plan is to have a Machinery Breakdown Plan for the Machinery of the Cold storage in which the goods are kept

Contractor's Plant & Machinery Machinery Breakdown
04 595 9666