Engineering Insurance

Construction/erection phase insurance

The briefs about CAR and EAR are mentioned as below:

Contractors All Risks(car) insurance

The basic concept is to offer comprehensive and adequate protection against loss or damage in respect of the contract works, construction plant and equipment and/or construction machinery, as well as against third party claims in respect of property damage and/or bodily injury arising in connection with the execution of construction project.

Erection All Risks (ear) insurance

This branch of Engineering Insurance offers comprehensive and adequate protection against all the risks involved in the erection of machinery, plant and steel structures of any kind and construction/erection euipment as well as third party claims in respect of property damage or bodily injury arising in connection with the execution of an erection project.

Principals Advance Loss of Profit Following CAR/EAR

This insurance provides cover for the actual loss of gross profits (i.e. net profit and standing charges) sustained due to reduction in turn over and increased cost of working as a result of delay in project completion caused by an accident indemnifiable under CAR/EAR policy.

Machinery Breakdown Insurance

Machinery breakdown insurance provides cover against damage to machinery, mechanical and electrical equipment due to sudden and unforeseen accident.

Boiler and Presure Vessel Insurance

Boiler insurance is the oldest form of engineering insurance and has its roots with the Manchester steam users association founded in 1854 which indemnifies the insured of the inherent danger of explosion, implosion or collapses of boiler and pressure vessels.

Computer All Risk Insurance

Computer all risk insurance policies covers unforeseen or accidental loss or damage from any cause due to fire, Engineering risk and accident. The cover can be changed-restricted or extended with-numbers of standards endorsements and clauses providing utmost flexibility.

Electronic Equipment (ee) Insurance

This insurance provides cover for all electrical systems which generally have only a moderate power requirement while such equipments are at work, at rest or during maintenance operations, For the purpsoe  of cleaning,overhauling or of being  shifted with in the premises

Operational Phase Insurance

Principals Advance Loss of Profit Following CAR/EAR

This insurance provides cover for the actual loss of gross profits (i.e. net profit and standing charges) sustained due to reduction in turn over and increased cost of working as a result of delay in project completion caused by an accident indemnifiable under CAR/EAR policy.

Machinery Breakdown Insurance

Machinery breakdown insurance provides cover against damage to machinery, mechanical and electrical equipment due to sudden and unforeseen accident.

Boiler and Presure Vessel Insurance

Boiler insurance is the oldest form of engineering insurance and has its roots with the Manchester steam users association founded in 1854 which indemnifies the insured of the inherent danger of explosion, implosion or collapses of boiler and pressure vessels.

Computer All Risk Insurance

Computer all risk insurance policies covers unforeseen or accidental loss or damage from any cause due to fire, Engineering risk and accident. The cover can be changed-restricted or extended with-numbers of standards endorsements and clauses providing utmost flexibility.

 Electronic Equipment (ee) Insurance

This insurance provides cover for all electrical systems which generally have only a moderate power requirement while such equipments are at work, at rest or during maintenance operations, For the purpose of claning,overhauling or of being shifted with in the premises.

Insurance Bond and Guarantees

Bid Bond

Bid bond is issued on behalf of contractors in connection with the submission of tenders for contracts with public authorities and private owners.

Mobilization Adavnce Bond

This bond is issued on behalf of a contractor and to secure the project owner, where the owner is pre-financing a contractor by an advance payment on the contract.

Performance Bond

This bond is issued on behalf of a contractor and in favour of the project owner to guarantee the full and due performance of the contract.

Excise & Customs Bonds

Such bonds are issued in connection with the import of raw material/machinery against the payment of customs and excise duties.

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