Engineering Insurance

Engineering insurance is a type of insurance policy that covers a wide range of engineering and production related risks. It is a comprehensive insurance policy that provides economic safeguard to the risks faced by the ongoing construction/ installation projects, machinery and equipment under project operation.

The risks covered are w.r.t. electrical, mechanical and other functional parameters. The huge capital investment in manufacturing activities poses a serious risk and there is a need to effectively tackle the same. Engineering insurance policies effectively cover such risks and ensures easy resilience in case of any untoward incidents or business loss.

Who can take Engineering Insurance Policy?

Properly chosen engineering insurance can cover many risks associated with engineering and equipment. Insurable parties under all risk insurance policies include:-

  • Subcontractors
  • General contractors
  • Suppliers and manufacturer of equipment involved in the operation

We at Jubiliant have the necessary expertise to recommend the ideal engineering insurance policy tailored to your requirements. We are aware of the key risk areas across various engineering establishments, partner with professional risk assessors - who are domain experts with hands-on experience in the engineering field. We assess the plant / factory by doing risk inspection and identify every minute aspect of risk. We do provide consulting to our client on risk mitigation practices.

We recommend policies that suits the industry vertical. The claim settlement process in engineering industry is cumbersome and needs expert solutions commensurate with the challenges.

Types of Engineering Insurance

Contractor’s All Risk (CAR)

The Contractor's All Risk policy provides comprehensive coverage that covers the risks incurred during construction period. It provides financial protection for civil engineering contracts in case of any accident to public liability, own plant, contract works, hired plant and personnel equipment.

Erection All Risk (EAR)

Erection All Risk Insurance provides protection against loss or damage during project (ranging from setting up a single unit to large power units) installation of plant, machinery and equipment. It protects a contractor or employer against physical loss or damage arising out of contract works, construction of plant and equipment or machinery. This includes coverage for damage to third-party property and bodily injury to third parties.

Contractor’s Plant and Machinery (CPM)

This policy broadly covers loss or damage to the contractor's mobile equipment due to accidents caused by external perils.

Machinery Breakdown (MBD)

Machinery breakdown insurance covers machinery used by industries and factories. It also covers accidental breakdown of the machine, physical damage and the cost of repairing/replacing the damaged machine part.

Boiler and Pressure Plant (BPP) Machinery Breakdown

Boilers and pressure vessels are very important to the manufacturing process. Even a small amount of damage can cause them to explode or collapse. The impact of such events can assume catastrophic proportions both in terms of the lives it may affect and the financial losses it may cause. This policy covers physical loss or damage to steam generating boilers and/or other pressure plants.

Electronic Equipment Insurance (EEI)

This policy provides coverage for devices and systems that draw low power and voltage. Hence, electronic equipment like UPS, computer, stabilizer and medical equipment like X-ray machine and ultrasound machine are also covered. Under this policy, the insurance provider is responsible for the cost of repairs and replacement necessary to restore the devices and equipment to their original condition.

Other types of Engineering Insurance include Civil Engineering Completed Risks Insurance Policy

Industrial All Risk Policy

Fire Loss of Profit Insurance Policy

Machinery Loss of Profit Insurance Policy

Windmill Package Insurance Policy

Claim Process

You can reach out to Jubiliant’s toll free number 1800 1234 303 or email to register your claim. Our claim processing team will reach out to you and help you register the claim with the appropriate insurance company. We will also guide you through all the steps from registration to settlement.

Documents required for Engineering Insurance Claims

Following are the documents required for the claim process of engineering insurance policy:

Letter of award and bill of quantity

Purchase/Delivery order details

Damage report on extent of damage

Estimated cost of lost products or repairs

Any other document(s) requested by the insurance company