Engineering Insurance
Engineering Insurance
Engineering insurance is a broad category of business insurance designed to protect against sudden, accidental, and unforeseen damage or breakdowns to machinery, plant, and equipment, as well as construction works.
It can also cover financial losses from business interruptions, consequential damages, and issues arising from the installation and movement of equipment, providing financial stability and allowing businesses to get back to operation quickly after a disruption.
Commercial Insurance
What Engineering Insurance Covers:
Machinery Breakdown: Protection for sudden and accidental damage to machinery and equipment, whether owned or hired.
Contractors All Risks (CAR): Coverage for construction projects, including the works in progress and materials on site.
Erection All Risks (EAR): Insurance for the installation and maintenance of plant and machinery.
Electronic Equipment Insurance: Protection for computers and other electronic equipment, including data restoration.
Machinery Loss of Profits: Compensation for lost profits and increased working costs resulting from machinery breakdown.
Deterioration of Stock: Coverage for losses to stored goods caused by deterioration or spoilage in cold storage, due to a machinery breakdown.
Machinery Movement: Protection against damage during the moving or re-siting of machinery.
Key Benefits:
Business continuity: Helps to minimize downtime and financial loss when critical machinery breaks down.
Financial protection: Guards against the high costs of replacing damaged equipment and repairing infrastructure.
Comprehensive cover: Addresses risks beyond common perils like fire and theft, covering issues like human error, faulty operation, and mechanical defects.
Legal requirements: Insurance for equipment and projects is often a legal requirement, especially for high-risk civil projects or those involving electrical failures.
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