ENGINEERING INSURANCE

Types of Policies

 

 

1. Contractor�s All Risks (CAR)Insurance

The CAR policy insures the contractor a gainst any unforeseen and sudden physical loss or damage to the project (civil works) from any cause other than those that are specifically excluded in the policy.  The policy also covers the legal liability of the Insured to Third Party for Bodily Injury and Party Property.

 

2.  Erection All Risks (EAR) Insurance

This policy is similar to the CAR Insurance but is mainly intended for projects which are more elector-mechanical works such as power plants and refineries.  It covers also the liability of the contractor against Third Part.

 

3.  Contractor�s Plant and Machinery Insurance

The policy covers the heavy equipment used in the project such cranes and concrete pumps as well as the smaller stationary machinery like generators, compressors, welding machines etc. against unforeseen and sudden physical loss or damage.  The policy can also be extended to cover third party liability.

 

4.  Machinery Breakdown Insurance

This policy covers the plant and machinery in a factory against unforeseen and sudden physical loss or damage from any cause other than those specifically excluded in the policy that necessitates repair or replacement.

 

5.  Loss of Profit following Machinery Breakdown

This policy insures against loss of profit due to interruption Insured�s business operation caused by unforeseen and sudden physical loss or damage to any of the machinery insured under the Machinery Breakdown policy. The policy can also cover the salaries of the employees while the Insured�s factory or business is still not in operation.

 

 

6.  Deterioration of Stock Insurance

The policy insures against loss or damage to  goods   caused by deterioration due to any unforeseen and sudden physical loss of or damage to the machinery covered under the Machinery Breakdown Policy in force.

 

7.  Electronic Equipment Insurance

Like the Machinery Breakdown policy, the Electronic Equipment Insurance covers any electronic equipment such as computers, hospital diagnostic equipment etc. against unforeseen and sudden physical loss or damage from any cause other than those specifically excluded in the policy that necessitates repair or replacement.