The Engineering Insurance plans provide cover against sudden and accidental damage to plant, goods, machinery, or any other problems which may arise in a building project and contract work. It consists of the following types of cover:
Our Range of Engineering Insurance Plans
Contractors’ All Risk (CAR)
CAR provides coverage for both damage to a construction project and third-party injury or damage claims. CAR insurance policies are customised policies.
Erection All Risks
This is a comprehensive insurance which provides complete protection against all types of risks involved in the installation of machinery, plant and steel structures of any kind.
Machinery Breakdown and Deterioration of Stock
Provides cover against unforeseen and sudden physical loss or damage to plant and machinery by any cause subject to excepted risks. This insurance policy is extremely useful to protect manufacturing industry against heavy expenses necessitated in repairing of the machinery under breakdown.
Deterioration of Stock is an additional cover which provides protection against the cost of unforeseen damage to goods owned, or in the care of our clients as a result of the rise or fall in temperature.
All Risk Machinery
This policy is designed to cover the cost of repair or replacement of plant or machinery that is essential to the running of your business, arising from accidental causes, unless specifically excluded.
The purpose of the bond is to provide a comfort to the project owner that the bidder will take on the job if selected.
Advance Payment Bond
This is required when a Contractor applies for an advance payment from the principal to help fund the preliminary costs and mobilisation works of the contract.
It provides that the advanced sum will be reimbursed if the agreement under which the advance was made cannot be fulfilled.
A performance bond ensures payment of a sum (not exceeding a stated maximum) of money in case the contractor fails in the full performance of the contract.