Under Engineering Insurance, Policies can broadly be categorised under following two categories:
I. Project Policies.
II. Annual policies.
Policies issued under Project insurance are as under:
1. Marine cum Erection insurance.
2. Erection All Risk Insurance.
3. Contractor All Risk Insurance.
4. Advance Loss of Profit Insurance also known as Delay in start up insurance.
Following Annual policies are available with us:
1. Machinery Breakdown Insurance.
2. Electronic Equipment Insurance.
3. Boiler and Pressure Plants Insurance.
4. Civil Engineering completed Risk.
5. Machinery Loss of Profit Insurance.
6. Contractor Plant and Machinery Insurance.
7. Deterioration of Stock insurance.
SPECIFIC FEATURES OF ENGINEERING INSURANCE
- Engineering insurance relates to loss or damage to the Insured property due to engineering risks during engineering activities, planning, designing, erection/construction, Testing, commissioning , operation and maintenance.
- Sum insured should represent Present Day Replacement Value.
- Selection of item to be insured is permitted by both insured and Insurer.
- Identification of item to be insured is mandatory.
- Pre inspection of risk when it is first offered for insurance is a preferred procedure.
- Reinstatement of sum insured is compulsory in case of a claim.
- Claim settlement is done once the expenses are incurred.
- Average and salvage adjustment is done at the time of settlement of claim.