Engineering Insurance.
The briefs about CAR and EAR are mentioned as below:
Operational Phase Insurance
This insurance provides cover for the actual loss of gross profits (i.e. net profit and standing charges) sustained due to a reduction in turnover 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 provides cover against damage to machinery, and mechanical and electrical equipment due to sudden and unforeseen accidents.
Boiler insurance is the oldest form of engineering insurance and has its roots in the Manchester Steam Users Association founded in 1854 which indemnifies the insured of the inherent danger of explosion, implosion, or collapse of boiler and pressure vessels.
Computer all risk insurance policies cover 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 a number of standards, endorsements, and clauses providing utmost flexibility.
This insurance provides cover for all electrical systems which generally have only a moderate power requirement while such equipment is at work, at rest, or during maintenance operations, to clean, overhaul, or being shifted within the premises.
Construction/erection phase 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.
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 equipment as well as third-party claims in respect of property damage or bodily injury arising in connection with the execution of an erection project.
This insurance provides cover for the actual loss of gross profits (i.e. net profit and standing charges) sustained due to a reduction in turnover 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 provides cover against damage to machinery, and mechanical and electrical equipment due to sudden and unforeseen accidents.
Boiler insurance is the oldest form of engineering insurance and has its roots in the Manchester Steam Users Association founded in 1854 which indemnifies the insured of the inherent danger of explosion, implosion, or collapse of boiler and pressure vessels.
Computer all risk insurance policies cover 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.
This insurance provides cover for all electrical systems which generally have only a moderate power requirement while such equipment are at work, at rest, or during maintenance operations, to clean, overhaul or of being shifted within the premises
Insurance Bonds and Guarantees
Bid bond is issued on behalf of contractors in connection with the submission of tenders for contracts with public authorities and private owners.
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.
This bond is issued on behalf of a contractor and in favor of the project owner to guarantee the full and due performance of the contract.
Such bonds are issued in connection with the import of raw material/machinery against the payment of customs and excise duties.