Engineering Insurance
Plant All Risk
Plant All Risk Insurance also known as Machinery All Risks Insurance cover (excluding breakdown risks) for unforeseen and sudden loss or damage to the insured machines from any cause (apart from those excluded) such as:
– Fire, lightning and explosion
– Theft and malicious damage
– Storm and tempest
– Impact, collision and overturning including such accident due to breakdown
– Transport accident when machines are moving by road on their own wheels or when they are carried on other vehicle.
– Accident arising out of dismantling and reassembling when machines are moved from site to site.
Machine Breakdown Policy
Heavy machinery are built for strength and durability; they are however, still prone to damage from environmental causes.
This policy covers anyone who uses different types of plant machinery and mechanical equipment. This policy is designed to insure the policy holder against any damage to a plant or equipment while working or at rest, or while being dismantled for the purpose of cleaning, repairing or overhauling.
Electronic Equipment Policy
This policy is suitable for electronic equipment like computers, printers, scanners, industrial electronic machines and servers and data storage equipment’s. It is an All Risk Policy.
This Policy broadly covers material damage to electronic equipment (which can include systems software) due to sudden and unforeseen events, cost of external data media, including cost of reconstruction of data, also increased cost of working.
Contractor’s All Risk Cover (CAR)
This is a form of Engineering Insurance that covers contractors and ensures financial protection against damage or loss incurred during construction projects such as roads, bridges including loss or damage to plants and equipment as well as third party liabilities.
The policy seeks to bridge the gap when the construction project suffers severe loss or damage and to prevent this unfortunate incidents from prolonging the construction time schedule and as a result delaying delivery date.
Erection All Risk (EAR)
This policy is designed to cover the risk of loss arising out of the erection and installation of machinery, plant and steel structures, including physical damage to the contract works, equipment and machinery, and liability for third-party bodily injury or property damage arising out of these operations.
EAR policy provides cover for:
– Machinery from the commencement of loading for despatch to site (including transit and incidental storage)
– Erection and installation of plant and machinery during the construction period
– Defective design and machinery breakdown, where selected, during testing and commissioning