Construction and Engineering Insurance
A successful construction project requires many groups to collaborate on a single goal. As a result, regardless of the size of your project, there are a variety of risks to consider. Construction and engineering insurance allow you to concentrate on your project while knowing that you are financially protected against loss and damage. If something goes wrong, you can rest assured that with the right insurance in place, your project will be back on track in no time.
The construction and engineering insurance packages include the following policies, which are intended to provide coverage throughout the Engineering Value Chain:
This policy covers any sudden and unforeseen physical loss or damage to the civil contract work being executed by the contractor caused by fire, lightning, explosion, flood or storm, earthquake, theft or burglary, bad workmanship or negligence, lack of skill or experience, malicious acts, human error, or any other sudden and unforeseen event. It also provides indemnity for legal liability for bodily injury or disease to third parties and loss or damage to third-party property caused by the works.
This policy provides comprehensive coverage against all risks of unforeseen and physical losses or damage arising from the erection and installation works, excluding expressly excluded perils and indemnity for legal liabilities for bodily injury or illness to third parties and loss or damage to third-party property caused by the works.
Both the Contractor’s All-risk and the Erection All-risk policies can be expanded to include coverage for the following:
- Temporary buildings and contents on the worksite
- The policyholder’s existing property
- Contractors’ plant and equipment brought onto the site
- Clearance of debris
- Professional advisers’ fees
- Inland transit cover
- Off-site storage cover
This policy is designed to cover plant and machinery (such as bulldozers, tractors, scrapers, cranes, graders, loaders, crushers, and compressors pumps) against any sudden, unforeseen physical loss or damage occurring whether the machinery is at work, at rest or during maintenance operations subject to specified exclusions.
It provides cover against unforeseen and sudden physical loss or damage from causes such as defects in casting or material, faults at the workshop or in erection, bad workmanship, lack of skill, carelessness, shortage of water in boilers, physical explosion, tearing apart on account of centrifugal force, short-circuit, storm, and from any other cause not expressly excluded.
Cover can also be provided on specific Turn-key Projects under a Construction All-risk package for works and operations, including but not limited to procurement, construction, fabrication, transit by land, sea or air, storage, towage, installation, pipe-laying, hook-up, connection and/or tie-in operations, testing and commissioning depending on the needs of the Insured. It can also be extended to cover Delay in Start Up; Operational “All Risks”; Machinery Breakdown; Business Interruption / Increased Cost of Working; Employers’ liability, and General third-party liability.
Boiler Insurance deals with the insurance of industrial boilers or pressure vessels against physical loss or damages that may arise through collapse, explosion or breakdown and is subject to statutory inspection requirements.
It covers all office, hospital and/or other related electronic equipment.
It covers construction equipment such as portable tools, bobcats, and mobile or tower cranes.
