If you are in the construction business or if you operate equipment such as plant and other machinery or electronic equipment, you will find that the insurance covers under the Engineering class provide you with a comprehensive protection against loss or damage in respect of contract works and equipment/machinery.
Choose the most suitable cover based on your specific business:
(Terms and conditions apply)
This product is offered by
SICOM General Insurance Ltd
FSC License No.: IS10000004
The Contractor’s All Risks policy applies in respect of building and civil engineering works.
Basically, the policy provides cover in respect of:
The major causes of loss indemnifiable under our Contractor’s All Risks policy are:
The Erection All Risks insurance applies to the erection of machinery and structures involving little civil engineering work.
Similar to the Contractor’s All Risks policy, the Erection All Risks policy has two sections, one covering material damage and the other, covering Third Party Liability.
If you are extending your existing business or setting it up, you run the risk of sustaining financial loss if there is a delay in the completion of contract works through damage to the works involved. The loss consequent to such delay is covered under the Advanced Loss of Profits insurance.
Electronic equipment such as computers, electronic equipment for medical use, communication facilities, etc. can be covered under this policy. Insurance is on an all risks basis covering sudden and unforeseen losses which physically affect the insured equipment.
Losses due to the following causes give rise to the majority of claims:
The increased cost of working’ section of the policy covers expenses such as hire charges, transport charges for data media and personnel, night work or work on public holiday and the like.
The Machinery Breakdown insurance offers protection against sudden and unforeseen physical loss or damage to machinery, which has been erected and is operational or at rest.
Loss or damage is mainly due to one of the following causes:
The use of your machinery may constitute a very important part of your operations and in case of breakdown, your business activities may be affected adversely and hence the profits of your organisation also.
This policy insures your profits and will indemnify you for the shortfall in your profits following machinery breakdown.
This policy provides cover in respect of deterioration of stock in cold storage following a breakdown of the refrigerating machinery. The deterioration of stock insurance is a complement to the Machinery Breakdown policy under which the refrigerating equipment is insured.
Under this policy, plant and machinery are insured against unforeseen or accidental losses necessitating repair or replacement.
Examples of perils insured are:
The Contractor’s Plant and Equipment policy involves cover in respect of external causes of damage, and excludes internal breakdown, which would be covered under the Machinery Breakdown policy.