Engineering Insurance is an insurance policy that covers a wide range of engineering related risks. It is a comprehensive insurance that provides complete protection against risks associated with erection, resting, and working of any machinery, plant, or equipment. In addition to this, under the Factories Acts businesses are required to have certification on specific items of plant such as lifting plant, pressure vessels and steam boilers. Suitably qualified engineers employed by an insurance company can inspect such items at the required intervals and provide the necessary certificates/documentation to meet your obligations.
Need for Engineering Insurance
Engineering insurance is essential to provide full cover for explosion risks. The peril ‘explosion’ in material damage cover provides only limited cover and excludes damage caused by any steam-pressured vessel.
Insurance cover for electrical breakdown is essential where computers are involved. The policy can cover sudden and unforeseen loss or damage to the computer installation, the increased cost of working arising from such damage and the reinstatement of any data lost because of the breakdown.
- Sudden and unforeseen damage cover including breakdown from internal defects
- Machinery Movement – transit and erection
- Accidental damage cover for plant and equipment
- Computer equipment cover for loss or damage by almost any external cause
- Contract works cover – Erection All Risks
- Deterioration of Stock
What’s not covered?
- War Invasion
- Nuclear Reaction Nuclear Radiation or Radioactive Contamination
- Insured’s Contribution – Deductible
- Wilful Act or Wilful Negligence of the Insured
- Cessation of Work
- Defective Material or Bad workmanship
- Wear Tear Corrosion Oxidation Deterioration
- Breakage of Glass
- Disappearance or Shortage (Inventory Losses)
- Design Defects
- Loss of files, drawings, cash, cheques etc,
- Consequential Loss
Engineering is innovation in practice, and it is what builds up and directs a country toward the path of progress. However, such large-scale construction operations are accompanied by a tangible degree of risk in terms of loss or damage to the raw materials and machines, or even delay or harm to the actual structures. Emedlife has the requisite manpower to under and analyse these risks and guide on the best suited protection for your business and thereby helping you secure it all.
Talk to us today for all your Engineering Risk Insurance needs at an affordable price and for reliable claims management.
For registration of claims and to learn more about our claims process please Contact our dedicated claims team for advice on an incident/claim.