Construction and Engineering Insurance – Everything that you should know!
What is Constructions & Engineering Insurance?
Construction & Engineering Insurance policies safeguard you against the volatile risks of the construction industry. Unwarranted delays, natural calamities, machinery breakdown, accidents, and sometimes even vandalism & sabotage- the industry is riddled with risks. A comprehensive Construction & Engineering Insurance is a shield from such avoidable & unavoidable risks.
Why should you invest in Constructions & Engineering Insurance?
Here are a few compelling reasons to invest in comprehensive insurance cover for construction projects:
- Construction Insurance is mandatory for most large contracts
- Depicts contractor’s diligence and preparedness
- Protects assets and revenues
- Covers liability for accidental injury or death
Types of Construction and Engineering Insurance
There is a range of policies available, from all-inclusive to niche insurance policies. However, it is totally up to you to pick one that meets your insurance needs:
Contractor’s All Risk Insurance (CAR)
Commonly known as CAR, this policy provides an exhaustive coverage to Civil Works Contractors for any eventuality throughout the project. Its coverage extends to damage & destruction due to natural calamities like fire, earthquake, etc., hostile acts like strike & terrorism, and liability for injury at work.
Erection All Risks Insurance
Often known as EAR, this policy comes into effect at the first unloading of materials at the site and covers risks associated with storage, assembly/erection, testing, and commissioning of plant and machinery.
Machinery Loss of Profit Insurance
The policy insures against any unforeseen losses arising due to unanticipated damage or breakdown of any critical machinery on the project. It covers loss of gross profit as well as the increased cost of working due to such breakdown.
Machinery Breakdown Insurance
All machinery, both electrical & mechanical, whether at work or rest, dismantled for cleaning /overhauling, and shifted/ re-erected in the same premises, is covered under this policy. It offers coverage against the faulty operation, self-heating, short circuit, etc. However, it does not cover breakdown due to natural calamities, human hostilities, and pre-existing defects.
Workers' Compensation Insurance
The policy covers all legal & statutory liabilities under the Workers’ Compensation Act, 1923. It includes any liability due to the injury/death of any worker or employee during the construction process.
We, at Suraksha, are specialists in construction & engineering insurance. With our expert knowledge & years of experience, we help you procure the right policies at the right price. We also assist you during the filing & processing of claims. Connect with us insurance@suraksha.seahwk.com for the best construction & engineering insurance policies to meet your needs.
