Engineering Insurance covers all kinds of construction / installation of structures, machinery, equipment, systems and processes against loss, material damage and third party liability.
Types of Engineering Insurance:
Contractors All Risks (CAR) / Erection All Risks (EAR) Insurance
Construction / Installation of buildings, machinery, equipment, and systems insured under these lines are protected from all sudden and unforeseen loss or damage.
Possible extensions to the CAR / EAR's scope of coverage are:
â€¢Â Â Damage to Construction Plant Machinery and Equipment
â€¢ Â Damage to Existing Property
â€¢Â Â Third Party Liability for Death or Bodily Injury and Property Damage
â€¢Â Â Removal of Debris
â€¢Â Â Testing and Commissioning (for equipment)
Machinery Breakdown (MB) Insurance
Covers all types of industrial/commercial machinery such as boilers, generators, turbines, compressors, freezers, elevators, escalators and the like from unforeseen damages.
g> Electronic Equipment Insurance (EEI)
It protects electronic data processing equipment (computers), including its peripherals, from all sudden and unforeseen loss or damage. This insurance product may also insure material
damage cover (hardware), data media center (software; data media and the cost of restoration of information) and increased cost of working (additional expenditures in case of a loss or damage).
Possible extensions of cover under EEI are:
â€¢ Â Mobile Equipment whilst within and outside the premises
â€¢ Â Earthquake and Volcanic Eruption cover
Requirements to submit for Engineering Insurance.
CAR/EAR- Contract of Project, Contractors SEC Papers
Machinery Breakdown Insurance- Invoice and Specs of the Machine
Electronic Engineering Insurance- Invoice and Specs of the Equipment.
(source: Prudential Guarantee Assurance, Inc.)
For More Info on Engineering Insurance, Please call or email me:
Richard Licup Ng @ 7245140, email@example.com