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.