Engineering
Engineering insurance is a package of insurances that combines several coverages against potential risks faced by the contractor and/or subcontractors, such as contractors' all-risk insurance, installation all-risk insurance, project workers' insurance, machinery and equipment insurance, and contractors' civil liability insurance. These coverages provide comprehensive coverage against all risks except those excluded.
Contractor’s All Risk Insurance
Contractor’s All Risk Insurance
Coverage for all types of construction projects, such as housing projects, schools, hospitals, industrial facilities, commercial complexes, water and sewage networks, water treatment projects, bridges, tunnels, shipyards, etc. This type of insurance covers, in its first section, material damage to the project, which includes damage to construction work due to fire, explosion, theft, vandalism, storms, winds, floods, collapse of part of the project, and accidents resulting from trial operation. Materials stored on the work site, equipment and machinery used in implementation, and temporary structures (such as temporary fencing or caravans) may also be covered. The second section covers civil liability towards third parties, which is damage to third parties (persons or property) due to the contractor's activities on the project. Coverage can also be expanded to include liability towards workers, heavy equipment, maintenance work, and underground work.
Erection All Risk Insurance
Erection All Risk Insurance
Coverage for projects and businesses involved in the installation of machinery and equipment, such as the installation of factories, turbines, electrical transformers, production lines, elevators and escalators, and complex electrical and mechanical systems. The first section covers material damage, covering sudden and unexpected losses or damages to equipment during installation, materials stored on-site, and damages resulting from fire, explosion, equipment falling during lifting or transportation within the site, errors during installation, theft or sabotage, flooding, lightning, and initial commissioning. The second section covers third-party liability, which covers bodily injuries to persons outside the project and damage to third-party property during the installation period. Coverage can also be expanded to include the maintenance period and liability towards workers and equipment used in installation (such as cranes or lifting tools).
Contractors' Civil Liability Insurance
Coverage for the contractor or subcontractor against legal claims resulting from bodily injury to persons outside the work team and material damage to third-party property, provided that these injuries or damages occurred during or as a result of the project. Coverage includes financial compensation for third parties, legal fees if a lawsuit is filed against the contractor, court defence costs, and out-of-court financial settlements.
Project Workers' Compensation Insurance
It provides protection and compensation to workers in the event of physical injury during work, death resulting from an accident at the project site, or an occupational disease resulting from the nature of the work. It also provides legal protection for the contractor or employer if a lawsuit is filed against them by the worker or his/her family. This insurance can cover workers and employees at the project site, whether permanent, temporary, seasonal, or subcontracted. Coverage may include medical treatment costs, hospital expenses and medication, salaries or compensation for temporary or permanent disability, death compensation, and compensation for total or partial disability.
Contractor’ Plant & Machinery (CPM) Insurance
Coverage for sudden and unexpected loss or damage to machinery and equipment while they are in operation, at rest, or while being dismantled or moved within the work site. Typically, this includes cranes, excavators, bulldozers, loaders, compressors and generators, concrete mixers, agricultural equipment, and road equipment (such as rollers and paving). Coverage includes fire and explosion, theft or vandalism, collision or overturning, falling of machinery or its parts, operational errors or accidents during work, landslides, floods, or torrents, lightning, and storms. Coverage includes equipment whether it is operating on-site, stationary, being dismantled or installed, or being moved within the project boundaries.