Investor Relations

Engineering Insurance

Contractors All Risks

Contractors All Risks (CAR) Insurance policy insures damage to any contract works (mainly civil construction such as buildings etc.) including construction plant and equipment and to the Participant’s own existing and surrounding property. The policy can be extended to insure the maintenance period in addition to the actual construction period.

Section 2 of the policy will cover Participant’s liability to third parties for bodily injury or property damage.

There are two kinds of CAR policies, annual policies for contractors handling m
any small to medium contracts of a similar nature and a single contract policy for specific contracts.

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Electronic Equipment

Electronic Equipment Insurance policy insures damage to electronic equipment, damage to Participant’s inputted data and records and costs incurred to retrieve and recover lost data and records. Fire, lightning, theft, accidental damage and short circuit are some of the coverage provided.

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Erection All Risks

Erection All Risks Insurance policy insures damage to any machinery or plant works during erection including damage to the construction plant and equipment and to the Participant’s own existing and surrounding property. The policy can be extended to insure the testing and maintenance periods in addition to the actual construction period.

Section 2 of the policy will cover Participant’s liability to third parties for bodily injury or property damage.

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Machinery Breakdown

Machinery Breakdown policy insures loss or damage to machinery caused by defects in casting and material, faulty design, bad workmanship, lack of skill, carelessness, shortage of water in boilers, physical explosion or short circuit.

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Contractor’s Plant Machinery

Contractors Plant & Machinery Insurance policy insures contractors plant and machinery against damage or destruction within the site of construction. This is an ‘all risks’ cover and covers the physical loss or damage by any cause that is not specifically excluded.

Normally, claims arise from the following causes: Fire & Lightning, Collision or impact damage, overturning, Storm, Flood, Earthquake etc.. Transit between various sites can also be covered.

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Deterioration of Stock

The insurance of “deterioration of stock in cold storage” is designed to meet the requirements of those who want to insure themselves against deterioration of goods in cold storage due to a breakdown of refrigerating machinery. Deterioration of stock insurance is a complementary cover to machinery insurance and can only be taken out in conjunction with the latter.

Causes of an indemnifiable claim for deterioration of stock may be

  • A rise or fall in cooling temperature,
  • The unforeseen and sudden escape of refrigerants into the cold-storage rooms,

It is possible to extend the deterioration of stock cover to include deterioration due to the failure of the public power supply, provided the arrangements regarding public and back-up power supplies is found to be satisfactory.

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Loss of Profit Following Machinery Breakdown

Loss of income as a result of damage to machinery causing an interruption of business can also be covered as an extension.

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