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Engineering
Insurance
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Engineering insurance will cover any financial losses to an ongoing construction project, installation project, machines, and equipment used during the project operation.
Engineering Insurance mainly covers construction, erection, and contractor’s plant and machinery.
Engineering Insurance Coverage
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Strike, riot, and malicious acts
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Lightning, fire, aircraft damage, explosion
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Inundation, flood, cyclone, storm, and allied perils
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Subsidence, landslide, and rockslide
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Faults in an erection
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Theft and burglary
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Negligence and human errors
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Excess voltage, short-circuiting, arcing
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Mechanical and electrical breakdown
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Damage caused by foreign objects, impact damages, collapse
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All sudden, unforeseen, accidental damages that are not excluded explicitly
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Oxidation deterioration and wear & tear corrosion
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Glass breakage
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Shortage or disappearance
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Defects of design
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Loss of drawings, files, cheques, cash, etc.
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Terrorism
Most common exclusions
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War invasion
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Contribution of the insured - deductibles
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Radioactive contamination, Nuclear radiation, and reaction
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Wilful negligence
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Bad artistry and defective material
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Work cessation