Engineering Insurance

Engineering Insurances

We have a well-diversified Engineering portfolio serviced by a customer-focused team of professionals. Our Engineering Dept. is well equipped not only to provide you with appropriate coverage at the most reasonable price but also valuable tips on risk management. The products available can broadly be categorized into 7 divisions:

We offer coverage on selected perils basis or on all risk basis for material damages with extensions such as business interruption cover, insurance of internal breakdown of machinery and electronic equipment and wide range of further extensions as our clients may desire. Our target is to provide comprehensive insurance program considering individual aspects of every client.

It is a condition under the policy that Sums Insured declared should represent the New Replacement Values and that there shall be a satisfactory Maintenance Programmer throughout the period of Insurance.

  • Contractor’s All Risks Insurance

The policy has two Sections to cater for all contingencies associated with Contract works.

Section I: Material Damage This Section covers loss or damage to contract works and other ancillary facilities on comprehensive basis

Section II: Third Party Liability This Section covers legal liabilities to third parties arising out of accidental bodily injury or property damage in connection with contract works.

The policy provides protection throughout the construction period followed by a 12-month maintenance period.

  • Erection All Risk Insurance

The scope of cover is like the Contractor’s All Risks Insurance but specifically designed for Erection/Installation projects, where the values of the Plant/Equipment dominates the Contract Value.

The policy has two Sections to cater for all contingencies associated with Contract works.

Section I: Material Damage This Section covers loss or damage to contract works and other ancillary facilities on comprehensive basis

Section II: Third Party Liability This Section covers legal liabilities to third parties arising out of accidental bodily injury or property damage in connection with contract works.

The policy provides protection throughout the Erection period followed by a 12-month maintenance period.

  • Contractor’s Plant & Machinery Insurance.

The cover is designed for Plant & Equipment used in construction sites against sudden, accidental and unforeseen loss or damage but excluding mechanical/electrical breakdown. The same criteria apply as in the case of Machinery Insurance.

Electronic Equipment Insurance

Electronic equipment insurance covers all sudden and unforeseen physical losses, which are not subject of exclusions, listed in insurance conditions. Subject of insurance are individual pieces of equipment or computer and data processing equipment of the Insured.

  • Machinery Breakdown Insurance

The policy covers loss or damage to insured static Plant & Machinery against sudden, accidental and unforeseen physical loss or damage including mechanical/electrical breakdown.

It is a condition under the policy that Sums Insured declared should represent the New Replacement Values and that there shall be a satisfactory Maintenance Programme throughout the period of Insurance.

  • Deterioration of Stocks Insurance

The policy covers Deterioration of Stocks in refrigerated cold rooms/chambers following an incident, which gives rise to a claim under the underlying Machinery Insurance Policy. Therefore, availability of a Machinery Insurance policy is a pre-condition for Deterioration of Stocks Insurance.

In addition to Monetary Excess, the policy is usually subject to Time Excess.

  • Loss of Profit following Machinery Breakdown.

This form of insurance provides cover against loss of gross profit following indemnifiable damage to machinery. In the majority of cases, the loss of gross profit arising from damage to machinery far exceeds the cost of repair or replacement.

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