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Engineering INSURANCE

> Contractors' All Risks Insurance (CAR)

Contractors' All Risks (CAR) insurance all types of building and civil engineering construction – from residential (housing) to commercial (shopping centres and office blocks) to municipality infrastructure (roads, bridges, dams, water and sewage reticulation pipelines) etc. and offer protection against the hazards which may threaten works under construction. Most construction projects include certain elements of machinery erection (e.g. installation of air conditioning and lifts in buildings).

Cover

The policy offers cover on an all risks basis for physical loss or damage to the insured property.

Examples of Main hazards

The main hazards covered are: fire and explosion, theft, burglary, collapse, earthquake, landslides, storm and flood. Certain perils (especially forces of nature) obviously vary from location to location, and the likelihood of loss or damage is also influenced by the actual type and method of construction.

Third party liability

Third Party Liability section protects the insured against claims for any bodily injury or property damage caused by construction activities.



> Electronic Equipment Insurance (EEI)

The Electronic Equipment insurance policy offers comprehensive protection for all types of electronic equipment such as entire Information Technology (IT) installations, telephone exchanges, cell phone networks, specialised electronic medical equipment, electronic measuring equipment etc.


Cover

The policy is of an all risks nature, covering unforeseen accidental loss or damage. The covers include material damage, business interruption, increased cost of working, comprehensive software and software Business Interruption (BI).



> Machinery Breakdown Insurance (MB)

Machinery Breakdown (MB) insurance offers protection against sudden and unforeseen physical loss or damage to machinery which has been erected and is operational or at rest. It is designed for accident insurance for machines, for internal breakdown or derangement. Machines have a limited life span as they are exposed to wear and tear: therefore, machinery owners must depreciate their machines annually and establish reserves for replacement.

Cover

Following an insured event, the policy pays for all repair costs, provided the cost of repair does not exceed the actual value of the machinery at the time of the loss. In the case of a total loss (i.e. whenever the repair costs exceed the actual value of the machinery), the actual value is indemnified.

Example of Main Hazards

The main causes of damage covered under MB policies include: fortuitous working accidents; a machine's tearing apart due to centrifugal force; short circuits; defects or faults in design, material or manufacturing and incorrect operation.


> Plant All Risk Insurance (PAR)

Construction works often call for the use of heavy, specialized machinery such as tunnel boring machines, earthmoving equipment (Yellow Plant), cranes, pumps, air compressors etc. However, specific items of plant are usually only on one construction/erection site until the particular job for which they are designed for is completed. Obviously, such contracts do not last for the whole construction period and the plant is moved on to the next site as soon as its job is finished.
Cover is on an "all risks" basis, and is basically for unforeseen and accidental physical loss or damage due to external causes.

Example of Main Hazards

The main hazards are: fortuitous working accidents such as collision and overturning, fire, burglary, theft, faulty operation, rock falls, natural perils such as earthquake, storm and flood.

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