Engineering insurance is a type of insurance that provides coverage for losses or damages that may occur during the construction or operation of engineering projects, such as buildings, machinery, or equipment. It typically covers risks such as fire, theft, natural disasters, and equipment breakdown. This insurance can be purchased by both individuals and businesses involved in engineering projects.
Contractors All Risks (CAR) Insurance:
Contractors All Risks (CAR) insurance is a type of insurance policy that provides coverage for loss or damage to a construction project during the course of its construction. It typically covers risks such as damage to the building or structure, theft or damage to construction materials, and liability for third-party injuries or property damage. CAR insurance is typically purchased by contractors, builders, or property developers to protect against unforeseen risks during the construction process. The policy can be customized to meet the specific needs of the construction project and may cover risks such as flood, earthquake, or other natural disasters.
Contractors Plant and Machinery (CPM) Insurance
Contractors Plant and Machinery (CPM) insurance is a type of insurance that provides coverage for loss or damage to construction machinery and equipment during the course of a construction project. It typically covers risks such as accidental damage, theft, breakdown, and other unforeseen events that may cause damage to the machinery or equipment. CPM insurance is typically purchased by contractors or construction companies that own and use heavy machinery and equipment such as cranes, excavators, bulldozers, and other specialized equipment. The policy can be customized to cover specific risks and may include features such as coverage for hired-in equipment or loss of income due to equipment breakdown.
Erection All Risks (EAR) Insurance
Erection All Risks (EAR) insurance is a type of insurance that provides coverage for loss or damage to a project during its installation or erection phase. It typically covers risks such as damage to the project caused by fire, natural disasters, theft, and other unforeseen events. EAR insurance is commonly purchased by contractors or project owners for large-scale projects such as power plants, industrial facilities, or major infrastructure projects. The policy can be customized to meet the specific needs of the project and may include coverage for testing and commissioning of the project or loss of income due to delays in completion.
