Construction and Engineering Insurance
Construction and Engineering insurance covers are most suitable for contractors, whether being self-employed ones or perhaps larger-scale construction firms. There are also instances whereby the owner of the property would be required to purchase this type of insurance instead.
Construction projects commonly include demolition of properties, excavation and construction, alteration works as well as road works.
Engineering Insurance would normally include Machinery Breakdown Insurance, Machinery Installation Insurance as well as Plant All Risks Insurance amongst other possible solutions.
Cover under a Contractors all risks policy is normally divided into two sections: damage to the property where works are actually being carried out as well as possible damage to third party properties, arising from such works.
Machinery Breakdown Insurance is further defined as cover for all types of machinery, plant and all other mechanical equipment, whether at work, at rest or being dismantled for specific purposes, against unforeseen loss or damage from various causes.
Some Insurers also provide cover for ‘loss of profits’ following Machinery Breakdown. Loss of profits would naturally take place following interruption of the business.
Another type of cover is Electronic Equipment Insurance. This provides cover for unforeseen damage or loss to electronic equipment, occurring at the premises whereby your business is being carried out.
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Frequently Asked Questions
What is the duration of a Contractors All Risks Insurance Policy?
A ‘Contractors All Risks’ Insurance Policy would typically be issued for the duration of the contract period, meaning from commencement of works until completion. Policies can normally be extended as well, in case of delays in completion of the contract.
Who is normally covered under a Contractors All Risks Insurance Policy?
A ‘Contractors All Risks’ Insurance Policy typically provides cover for both the property owner as well as the contractors that are completing the works.
What are typical examples of damage to the property itself covered under Contractors All Risks Insurance?
Damage to the property commonly includes the structure not being properly constructed, or perhaps receiving damage during a renovation.
What are typical examples of possible damage to third party property?
The most common example is the neighbouring property which is damaged during con-struction works.
How is the total sum insured for contract works calculated?
The total sum insured should always represent the total contract value, also including the cost of materials as well as the cost of labour charges.
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