What is Engineering insurance?
Types Of Engineering Insurance
Insurance (policy) for Engineering Project are of two types:
Insurance Installation (Erection All Risks Insurance / EAR)
EAR insurance covers risk associated with damage or loss insured objects during construction and installation during the maintenance period. Nevertheless security will be provided for legal liability to third parties during the construction activities. Examples: installation of antennas, installation of factory machine etc.
Insurance Construction (Contractor All Risks / CAR)
CAR insurance is a protection against damage, accident or loss that may befall the construction and implementation of development during the maintenance period. Nevertheless security will be provided for legal liability to third parties during the construction activities. Example: construction of bridges, buildings, roads, dams, turbines etc.
2. There are several types coverage for Non-Project Engineering:
Civil Engineering Completed Risk (CECR) Insurance
Heavy Equipment Insurance (Contractor Plant and Machine / CPM)
Electronic Equipment Insurance (EEI)
Electronic Equipment Insurance covers risks associated with damage or loss of electronic equipment due to the danger that comes from outside, such as short circuit, fire, etc. Example: insurance television studio equipment, telecommunications equipment, CCTV, etc.
Insurance Damage of Machine (MB)
Machine Loss of Profit (MLOP) Insurance
Machine Loss of Profit ‘MLOP’ insurance covers risk associated with loss of gross profit arising from the destruction of refrigerator, machines and other machines that are guaranteed under the Machine Breakdown insurance policy.
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Boiler & Pressure Vessel Insurance
Deterioration of Stock (D.O.S) Insurance
Deterioration of Stock ‘DOS’ insurance guarantee loss on goods decomposition in the room due to damage to the engine air cooling. To get this insurance claim insurance, then the cooler must be insured under the machine of breakdown policy.