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Engineering is the most technical Branch of Accident Insurance. Industrial revolution led to the introduction of engineering insurance due to increased frequent boiler explosions causing damage to surrounding property, injuries or death. Engineering risks are accepted on condition that, boilers and machines are regularly inspected since inspection forms part and parcel of insurance. Proposal forms are the basis of the contract. The consideration for indemnity is the premiums paid upfront by the proposer before commencement of the cover. Indemnity is guided by terms, conditions and exclusions as per the contract.

  • Accident Insurance Products
  • Contractors All Risks Insurance
  • Erection All Risks Insurance
  • Machinery Breakdown Insurance
  • Boiler & Pressure Plant Insurance
  • Electronic Equipment Insurance
  • Deterioration of Stock Insurance
  • Engineering Business Interruption Insurance

Civil engineering works ranging from small buildings to massive dams are susceptible to damage from a wide range of causes e.g. fire, water, storm, impact, and internal defects, etc. Exposure to damage commences at the time of delivery of materials to the contract site, while the work is in progress and during the subsequent maintenance period when the work is handed over to the principal. During the construction period, we cover the contract works from various risks based on contract requirements i.e. fire and lightning, accidental damage during construction, water damage, floods, storm or tempest, collapse, collision, impact, aircraft, burglary, theft and malicious damage, damage due to defects in materials, design or workmanship and riots, strikes, landslide, earthquake, etc. The insured constantly monitors the contract price (Sum Insured) during the policy period in line with inflation costs to march with replacement costs in case of destruction.

COVERAGE OF THE POLICY

Coverage of the policy is divided into two sections. The material damage section provides for items to be lost, damaged, or destroyed by any cause. The loss will be made good by repair or replacement subject to of each and every item whereas the third party section covers the legal liability of the insured to pay compensation for accidental damage to property of other persons and or fatal injury or non-fatal injuries to any person subject to the limits of liability specified in the schedule. In addition, indemnity applies to legal costs recovered by a claimant and costs incurred by the insured with the consent of insures subject to an excess for third party damage claims.

This is concerned with the erection of electrical plant and machinery equipment and structures involving no or very little civil engineering work. The manufacturer or supplier is solely responsible for the loss or damage while they are installing, testing, and commissioning until handing over to the owner. Erection all risks cover provides comprehensive insurance as the machinery is exposed to many perils. It gives adequate protection for all risks involved in the erection of machinery, plant and steel structures of any kind including third party claims in respect of property damage or bodily injury arising out of or in connection to the execution of an erection project. The sum insured (contract price) is the machinery’s new replacement value which includes freight, custom dues, erection and testing costs, etc.

The standard machinery breakdown policy covers sudden and unforeseen physical loss or damage to the insured’s machines while at work or at rest or during cleaning, inspection, overhauling or removal to another position in the premises necessitating repair or replacement. The policy covers boilers with auxiliaries, electrical equipment, alternators and generators, mechanical plants including engines, turbines, pumps, lifting equipment including cranes and lifts. The insured reviews regularly the sum insured to represent the new replacement value which includes installation costs and customs dues, freight charges, cost of repair and expenses for employment of a specialist etc.

 

DAMAGES COVERED

Damages may include:

• Faulty design, material, erection or construction faults at the workshop.
• Short circuit, failure of insulation and other electrical causes.
• Faulty operation, lack of skill, negligence or malicious acts.
• Tearing apart due to centrifugal forces.
• Failure of connected machinery or protective devices.
• Falling impact or collision.
• Obstruction or entry of foreign objects.

  • The insurance also referred to as Boiler Explosion Insurance covers boiler and pressure vessels explosion or collapse in the course of ordinary working and seeks to indemnify the insured against:
    • Damage to the insured’s boiler and or other pressure plant.
    • Damage to surrounding property of the insured.
    • Legal liability to third parties of the insured on account of bodily injury, fatal and or non fatal to the person.
    • Damage to the property of third parties.
  • All the equipment (computer system and its peripheral as well as auxiliary equipment) are susceptible to damage or breakdown. The insurance herein therefore takes care of loss or damage to such properties.

    We have two sections under this policy:

    • Material damage: Covers loss or damage to the equipment from accidental causes.
    • Consequential Loss: Following claims under material damage, it seeks to cater for increased cost of working e.g. hiring alternative facilities, loss of business e.t.c.

    COVER

    The policy covers sudden and unforeseen physical loss, damage necessitating repair or replacement. It includes electrical and mechanical damage, impact damage, negligence, theft and burglary, fire and special perils.

    The items covered include:

    • Electronics Data processing (EDP) Equipment.
    • Electronic equipment for medical use.
    • Telecommunication and navigational equipment.
    • Computer system for production plant & machinery.
    • Signal and transmitting units.
    • Equipment for research and material testing.

    SUM INSURED

    The sum insured is the cost of replacement including installation charges, transport charges, custom duties etc.

     

    The company indemnifies costs and expenses incurred during the indemnity period to maintain data processing operations to their previous extent.

  • All the equipment (computer system and its peripheral as well as auxiliary equipment) are susceptible to damage or breakdown. The insurance herein therefore takes care of loss or damage to such properties.

    We have two sections under this policy:

    • Material damage: Covers loss or damage to the equipment from accidental causes.
    • Consequential Loss: Following claims under material damage, it seeks to cater for increased cost of working e.g. hiring alternative facilities, loss of business e.t.c.

    COVER

    The policy covers sudden and unforeseen physical loss, damage necessitating repair or replacement. It includes electrical and mechanical damage, impact damage, negligence, theft and burglary, fire and special perils.

    The items covered include:

    • Electronics Data processing (EDP) Equipment.
    • Electronic equipment for medical use.
    • Telecommunication and navigational equipment.
    • Computer system for production plant & machinery.
    • Signal and transmitting units.
    • Equipment for research and material testing.

    SUM INSURED

    The sum insured is the cost of replacement including installation charges, transport charges, custom duties etc.

     

    The company indemnifies costs and expenses incurred during the indemnity period to maintain data processing operations to their previous extent.