Engineering Insurance Policies
- Engineering Insurance Policies
- Contractors All Risks Policy .
- Erection All Risks Policy .
- Machinery Insurance Policy .
- Boiler and pressure vessel Insurance policy
- Insurance policy Deterioration of stock.
- Plant And Machines Insurance policy.
The contractors All Risks and Erection All Risks policies are granted for projects under construction or Erection . The liability of the Insurer shall commence directly upon commencement of work and expires for parts of the Insured contract works taken over or put into service .
The Insurance shall take effect during the execution and the maintenance period , unless otherwise agreed in writing . other Insurance shall take effect after the completion period ( i-e) the Insurance shall continue during work period , so that the Insurance will be annual and can be renewed at the option of the Insured.
It covers damage arising out of work , mechanical , electrical , or because of ordinary negligence , and lack of expertise . Each type of Insurance has aspecialised Insurance policy with Its own conditions, terms , and exclusions.
Documentary Insurance Requirements
- Acopy of the contract award letter .
- Complete aproposal form and answer all the questions in full and sign it with the Arbitration clause.
- Acopy of the priced bill of quantity of contract .
- Time schedule of the contract.
- Drawings of the project especially site plans .
- Sum – Insured details , fixed and temporary work , and construction plant and Equipment .
- Any technical Instructions necessary in fixing the premium.
Measurement of Indemnity
- Immediately notify the Insurer during the limited period mentioned in the policy.
- Complete the claim form and answer all the questions in full and sign it .
- Offer of the Insurance policy or state its number.
- The resident engineer's confirmation for the repair work, if it is available.
- Photograhs for the destruction.
- Furnish all the documentary evidence relating to the repair of work, after completion.
- Faciliate the inspection matter by the surveyor of the insurer .
- Sign an discharge receipt with confirmation by the project's owner during the claim's settlement .
- Preserve the salvages which will be owned by the Insurer when the claim's settle. or agreed to keep them by the Insured against a discount of the claim amount.