Engineering insurance refers to the insurance that provides economic safeguard to the risks faced by the ongoing construction project, installation project, and machines and equipment in project operation.
They are basically of 2 types
- Construction Phase insurance : These policies are Issued for the entire duration of the project irrespective of the time duration of the project.
- Operation phase Insurance : These are annual policies which include machinery insurance, electronic equipment insurance etc. We facilitate smooth claim process by calling upon experts who are have an eye for detail and are subject matter experts.
Engineering Insurance Policy can be taken out with joint names of contractor and employee. Contractors, sub-contractors, suppliers, manufacturers of equipments can take this policy.
|Plant and machinery construction risks||Loss due to faulty design|
|Loss due to earthquake, fire and shock||Loss due to defective material|
|Loss to property insured against sudden and unforeseen causes that necessitate its repair or replacement||Any damage or penalties on account of the insured’s non-fulfillment of the terms of delivery under his contract of construction etc|
|Loss of or damage to files, drawings, accounts, bills, currency, stamps|