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Engineering insurance refers to the insurance that provides protection to a wide range of engineering related risks faced by construction projects, erection and installation projects, and machines and equipment used in project operation. Do not let unexpected events hinder the progress of your construction and engineering projects.
This is an “All Risk” policy covering various activities of construction (except specific exclusions mentioned in the policy). It offers protection against loss or damage in respect of the contract works, construction plant, equipment and machinery, as well as against third-party claims in respect of property damage or bodily injury arising in connection with the execution of a construction project. This policy can be taken out in the joint names of the contractor and the principal/employer. The cover may include Construction Plant and Equipment, Construction Machinery, Removal of Debris, Professional Fees and Principal’s Existing Property.
This is an “All Risk” policy covering various activities of erection/installation, testing and commissioning of plant and equipment (except specific exclusions mentioned in the policy), ranging from erection of a single machine to a large power plant. It protects a contractor or employer against physical loss or damage to the contract works, construction plant and equipment or machinery. It also includes cover for damage to property of third parties and bodily damage to third parties. The policy can be taken out in the joint names of the contractor and the principal/employer.
This policy protects you against the sudden and unforeseen physical loss or damage to your plant and machinery. It is useful for contractors who have construction equipment owned / hired / leased and used on construction sites such as compressors, heavy duty cranes, boring machines, bulldozers, pipe jacking, and hauling equipment, excavators, loaders, road rollers etc.
In this modern age all businesses rely on electronic equipment to run their day-to-day operations. Should this be lost or damaged the consequences can have a giant impact and disrupt day to day operations. The policy provides coverage against unforeseen and sudden physical loss or damage to electronic equipment and data media that occurs due to perils not specifically excluded. The basic policy can be extended to cover increased cost of working following damage to the equipment and the electronic data restoration costs. Portable electronic equipment can also be covered for insured losses anywhere in the world.
This covers a diverse spectrum of valuable machines and equipment in commercial and production facilities against sudden, unforeseen physical damage or loss due to any accidental electrical or mechanical breakdowns. This insurance shall pay for repair or replacement of any insured machine which breaks down whilst working, resting, being dismantled, moved, re-erected or re-commissioned within the boundaries of the insured premises.
Machinery Breakdown Loss of Profit Insurance protects the loss of gross profits and/or increased cost of working due to a continuing interruption to business caused by a breakdown covered by 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.
The Deterioration of Stock insurance is designed as a cover against deterioration of stock in cold storage due to a breakdown of the refrigerating plant / machinery as a result of any material damage to the refrigerant plant which is indemnifiable under the Machinery Breakdown Insurance. The mechanical damage or failure of electrical supply under certain conditions can cause the rise or fall in temperature, allow unforeseen escape of refrigerant gas or result in incorrect storage temperature in controlled environment.
Advance loss of profits insurance, also known as delay in start-up insurance, indemnifies the actual loss of gross profit sustained as a result of delayed commencement of business operation caused by an accident covered under the contractors’ all risks policy or the erection all risks policy.
We can tailor insurance solutions that suits your business requirements, so if things do go wrong you’ll be well-placed to minimize the financial impact and get back to business asap. Contact us today for free quotes, from a panel of insurance providers, and to find out more about how to protect your property and assets.
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Look for a broker who goes above and beyond – Look for Edge!
Edge Insurance Brokers is an independent insurance brokerage created to be one with a difference that will afford clients with added value in return for their confidence and long-term allegiance. Our expertise in every facet of risk and across different industries help our clients foresee, quantify, and better comprehend the range of risks they may face.
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