Engineering Insurance

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Engineering Insurance Policies

  1.  Engineering Insurance Policies
  2. Contractors All Risks Policy .
  3. Erection All Risks Policy .
  4. Machinery Insurance Policy .
  5. Boiler and pressure vessel Insurance policy
  6. Insurance policy Deterioration of stock.
  7. 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 

  1. Acopy of the contract award letter .
  2. Complete aproposal form and answer all the questions in full and sign it with the Arbitration clause.
  3. Acopy of the priced bill of quantity of contract .
  4. Time schedule of the contract.
  5. Drawings of the project especially site plans .
  6. Sum – Insured details , fixed and temporary work , and construction plant and Equipment .
  7. Any technical Instructions necessary in fixing the premium.

Measurement of Indemnity

  1.  Immediately notify the Insurer during the limited period mentioned in the policy.
  2. Complete the claim form and answer all the questions in full and sign it .
  3. Offer of the Insurance policy or state its number.
  4. The resident engineer's confirmation for the repair work, if it is available.
  5. Photograhs for the destruction.
  6. Furnish all the documentary evidence relating to the repair of work, after completion.
  7. Faciliate the inspection matter by the surveyor of the insurer .
  8. Sign an discharge receipt with confirmation by the project's owner during the claim's settlement .
  9. 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.
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National Insurance Company launches new document social insurance for college students

National Insurance Company launched a new insurance document devoted to college students ongoing study. The general director of the National Insurance Company Mr. Sadiq Fadhel said "The company and the basis of their tasks and responsibilities fired a close group insurance for students continuing to study in Iraqi universities, explaining that the cases that will be covered by the document is a natural death, and accidental death accidental, and death due to a terrorist incident. The injured permanent malfunction by a decision of a medical committee and the various stages of education. " The director of the company that the document will cover all college students aged (18-30 years) for a period of one academic year of the start of the school year, the date of the expiry Added general manager of the company that the amount of the specific insurance under this policy pays in the event of death of the insured to the beneficiary or rightful heirs, according to the desire of the insured upon issuance of the document

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