Engineering Insurance
Provides coverage for legal liabilities to third parties for injury, death, or property damage. Here are the different types of engineering insurance:
- Machinery Breakdown Insurance
- Protects against sudden and unforeseen physical damage to machinery due to breakdowns.
- Civil Engineering Completed Risks (CECR) Insurance
- Provides coverage against losses or damages to civil engineering structures after their completion, such as highways, roads, bridges, tunnels, dams, etc. The coverage is only granted for material damage to the structures and only repair costs are indemnifiable.
- Contractor's All Risks (CAR) Insurance
- Comprehensive insurance for construction projects, covering damage to the property and third-party liabilities.
- Erection All Risks (EAR) Insurance
- Covers risks associated with the erection (setting up) of machinery or structures.
Information/Documents Needed for Issuance of Engineering Insurance Policy
- Assured's Name
- Address/Location of Site
- Nature of Project: Specify if the project is commercial, industrial, government/public, or residential.
- Duration of the Project
- Total Project Cost
- Limit of Liability (3rd Party)
- Copy of Contract Detailing the Scope and Terms
