Why you need Engineering Insurance?
The world of engineering involves a lot of controllable factors which make it fraught with all sorts of risks. Accidents whether minor or major can cause major set backs and can cause costly delays that endanger the schedule and integrity of a project. Engineering Insurance provides your construction site the protection you need to make sure this does not happen.
Why Adamjee Engineering Insurance
- Professional risk management services
- A Dedicated senior official at the time of claim
- Reinsurance support from world?s most prestigious and financially
stable re-insurers
Benefits and Coverage
- CONSTRUCTION PHASE INSURANCE
This policy covers the following during this phase:
a. Contractor's All Risk (CAR)
Covering civil works like construction of roads, bridges, dams, high rises, housing projects etc. We would cover you against:
- Fire/Lightening
- Flood/Earthquake
- Theft/Burglary
- Sudden Collapse
- On-site transport
- Fault in erection
- Third party property damage/bodily injury
Under this policy we offer adequate protection against loss or damage in respect of contract works, construction plant and equipment and/or construction machinery. It covers civil works like construction of road, bridges, dams, high rises, housing projects and etc. It also covers third party claims in respect of property damage or bodily injury arising in connection with the execution of various construction projects. During CAR we would cover you against
b. Comprehensive Project Insurance (CPI)
In order to cover both erection and construction risks and to provide comprehensive protection, AICL is now equipped with comprehensive project insurance (CPI).We cover you against.
- Classic Cover under CPI (Sections of Policy)
- Project works (EAR / CAR)
- Plant, machinery and equipment (CPE)
- Third party liability (TPL)
- Delay in start-up (DSU EAR / CAR)
- Marine Cargo
- Delay in start-up (DSU Marine)
c. Contactor's plant & Machinery /Equipment(CPM/CPE)
The basic concept of this policy is to offer comprehensive and ad-equate protection against loss or damage in respect of the, construction plant, equipment and machinery, respect of property damage arising in connection with the execution of a construction project. The policy may be concluded by the principal or by the contractors engaged in a project, including all sub-contractors. CPM insurance provides specific cover for the works related to the project for which the CPM insurance is issued in general, but in some exceptional cases, a contractor can obtain CPM insurance for multiple projects too.- every hazard is covered which is not specifically excluded.
Dumpers, Excavators, Loaders/Top loaders, Tractors ,Graders ,Cranes ,Lifters,Tools specifically used for construction purpose, Concrete Mixer, Road Roller,Batching Plant are insurable under this policy.
The CPM policy covers sudden and unforeseen damage to the above machinery due to accidents, external fire, falling of equipment, Collision, Impact or any other external physical damages as per policy conditions. The cover for CPM is restricted to Contractor?s Worksite only. Transit cover is not built-in in CPM insurance but can be extended in some very special cases, where the contractor is engaged in construction activity at multiple project sites insured under CAR.
d. Erection All Risk (EAR)
You can be manufacturer, owner, contractor or a lending institution seeking cover for machinery, plants, steel structures and surrounding property against damage and third party property damage/bodily injury claims.
e. Advance Loss of Profit following CAR/EAR
We provide cover for the actual loss of gross profit sustained due to delay in project completion due to an accident identifiable under CAR/EAR.
2. OPERATIONAL INSURANCE
a. Machine Breakdown (MB) Insurance
The policy covers plant and machinery at work or at rest during maintenance operation.
b. Deterioration of Stock (DOS) Insurance
This is a complementary cover to Machinery insurance covering loss to goods in cold storage due to a breakdown of refrigeration machinery provided such machinery is covered under MI
c. Electronic Equipment Insurance (EEI)
Covers all electric equipments with moderate power requirements against material damage. Additional covers;
- Fire/Lightening
- Faulty Design
- Water/Humidity
- Burglary
- Electric Damages
- Malicious act of employees or TP
3. BONDS/GUARANTEES
a. Tender / Bid Bond
Issued on behalf of the contractor in lieu of earnest money when participating in a bidding process.
b. Performance Bond
Issued in favor of principal as a guarantee of the fulfillment and performance of contract work by the contractor.
c. Mobilization Advance Bond
Secures the Principal against the amount advanced by him to the Contractor for the mobilization of Contract work.
d. Retention Money Bond
This bond is issued in favor of the Principal on behalf of the Contractor to get the retention money released by the Principal. |
