What is Engineering Insurance?
This policy covers construction and erection projects and provides protection for Principals, Contractors and Sub-contractors against physical loss of or damage to the works during the construction phase.
Projects can range from domestic dwellings to power stations. The policy also provides Legal Liability protection for principals, contractors and sub-contractors in the event of injury or damage to a third party person or property arising from contract works.
The policy is designed to cover primarily mobile and non-mobile construction plant as well as mining and other mobile plants against physical loss or damage whilst situated on a site or in transit to or from a site. The cover can also apply to plant hired in or out by the client.
Old Mutual Engineering Insurance also covers loss of profit, electronics, machinery breakdown and the deterioration of stock.
This policy caters for Loss of Gross Profits/Revenue and Increased Cost of Working (I.C.O.W), resulting from a reduction in production or turnover, following sudden and unforeseen physical damage to machinery covered under a Machinery Breakdown policy.
The policy is designed to cater for deterioration or spoilage of perishable goods being held in cold storage facilities resulting from fluctuations in temperature caused by sudden and unforeseen physical damage to machinery.
The main perils covered include fire, theft, surge damage and malicious damage. The equipment that can be covered by this policy ranges from Personal Desktop Computers to medical apparatus, PABXs (Telephone Exchanges) and main-frames.
Laptop or Portable type of equipment is covered on a worldwide basis. The policy can be extended to include Increased Cost of Working (I.C.O.W) and Reinstatement of Data (R.O.D) cover. Loss of Profits/Revenue following the loss of or damage to Applied Electronics can be arranged.
The Machinery Breakdown policy caters for sudden and unforeseen physical damage to installed machinery at the Insured’s premises or factory. The cover includes damage resulting from dismantling and re-erecting machinery within the Insured’s premises.
Machinery covered can range from small compressors or motors, to larger types of machinery used in mining, manufacturing, cold storage and material handling.
