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General Description
Engineering Insurance constitutes:
Contractors′ All Risk Insurance

I. Contractors′ All risks / Erection All Risks:

These policies cover loss or damage to contract works, construction plant & equipment and construction machinery. They also provide cover for third party liability up to a specified limit as required for the project.

These policies provide cover on an "all risks" basis for sudden & unforeseen loss or damage such as:

Fire, lightning, explosion, flood, inundation, earthquake, theft, burglary etc.

These policies also contain few exclusions that are used internationally, such as:

- Loss or damage due to war, etc.
- Loss or damage due to willful negligence.
- Loss or damage due to nuclear reactions, radiation.
- Consequential losses.
- Mechanical or electrical breakdowns, etc.

Examples of types of projects that may be insured under such policies are:

Oil & gas projects, housing complexes, roads & bridges, sewerage related projects, electro-mechanical works, etc.

II. Contractors′ Plant & Equipment Insurance:

This policy covers all kinds of plant, equipment, tools etc., up to the full values declared by the insured, on an annual basis or for the duration of a contract.
The cover is subject to the same exclusions applicable to the Contractors′ All Risks / Erection All Risks policies.

III. Machinery breakdown insurance:

This policy covers all kinds of plant, equipment, tools etc. Usually factories, refrigeration units etc., require such type of policy to protect their assets
(last updated: 04-September-2002)

The documentation was gathered with the best efforts of researchers and scholars, in neutral and scientific spirit. We welcome all clarifications, corrections and improvements for best services. A Concept Team makes every effort to ensure, but cannot guarantee, the accuracy at all times of this information. Hyperlinks to or from other websites imply neither responsibility for, nor approval of, the information contained in those websites by A Concept.
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