Engineering insurance refers to the insurance that provides safeguard to the risks faced by the on-going construction project, installation project, and machines and equipment in project operation. In addition to this, under the Factories Acts the companies are required to have certification on specific items of plant such as lifting plant, pressure vessels and steam boilers. Suitably qualified engineers employed by an insurance company can inspect such items at the required intervals and provide the necessary certificates/documentation to meet your obligations.
Inclusions under Engineering Insurance Policies:
Why Engineering Insurance is required.
Engineering insurance is essential to provide full cover for explosion risks. The peril ‘explosion’ in material damage cover provides only limited cover and excludes damage caused by any steam-pressured vessel.
Insurance cover for electrical breakdown is essential where computers are involved. The policy can cover sudden and unforeseen loss or damage to the computer installation, the increased cost of working arising from such damage and the reinstatement of any data lost as a result of the breakdown.