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Engineering Insurance is an insurance which covers any loss or damage to the insured property (usually construction, construction materials, equipments or machinery) during construction work or installation of machinery against any unforeseen, sudden and accidental, physical loss or damage.
Some of Engineering Insurances also cover accidental loss of or damage to property belonging to third parties and bodily injury of third parties subject to agreed limitations.
Engineering Insurance Line of Business : - Contractor All Risk Insurance (CAR)
An insurance which covers any risks of loss and/or physical damage to construction work during construction engagement
- Erection All Risk Insurance (EAR)
An insurance which covers any risk of loss and/or physical damage to machinery during the installation or erection
- Machinery Breakdown Insurance (MBI)
An insurance which covers any risk of loss and/or physical damage to machinery that are operational
- Electronic Equipment Insurance (EEI)
An insurance which covers any risk of loss and/or physical damage to electronic equipment
- Contractors Plant and Machinery Insurance
An insurance which covers any risk of loss and/or physical damage to Insureds (as a contractor) plant and machinery whether at rest or in operation
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Note: All the description above are virtually very general, information in details shall be determined by terms and conditions mentioned in the policy. |
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