Engineering Risk Insurance

Cover your project & machinery

The Engineering Risk Insurance Insurance provides a comprehensive insurance solution covering a wide range of risks to which a civil construction project is exposed, starting from the arrival of construction material at the site till completion of the project.

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Contractor All Risk Erection All RIsk Contractor Plant & Machinery
Contractor All Risk

Contractor's All Risk Insurance policy offers comprehensive coverage against damage or loss in respect of construction plant, contract work, construction machinery and/or construction equipment.
In this way, this policy is designed for architects, construction engineers and financiers as it offers sufficient financial protection to the parties involved.

  • Most of the plans under this insurance type cover projects of civil engineering where the civil work is more than 50% of the total value of the contract,

  • The cover starts covering the project from the time of storage, construction and covers till the project gets completed and is handed over to the principal.

What risks does your policy cover?

Material Damage: Under this loss, damage or destruction of property incurred due to any cause other than those excluded in policy are covered. Most policies pay for losses and damages upto a certain amount that does not exceed the limit against each loss mentioned in policy & sum cannot exceed the sum insured.
Third-Party Liability: Legal liability related to accidental damage or loss caused to property of a third person or fatal or non-fatal injuries caused to a third person.
Perils covered generally are: 1. Fire & allied perils
2. Collapse
3. Earthquake, shock & fire
4. Faults in construction
5. Storm, tempest, flood, Inundation, Cyclone
6. Negligence & human error
7. Water Damage
Contractor insurance
ADD ON COVERS

  • Damage incurred to the surrounding property of the contractor's work.

  • Construction equipment such as shuttering material and scaffolding.

  • Maintenance cover and maintenance visit.

  • Rectification of the original defect or faults incurred during the construction.

  • Damage or accidental loss while carrying out various rectifications during the maintenance period.

Erection All Risk

What risks does your policy cover?

Erection All Risks Insurance offers comprehensive coverage for plant and machinery construction risks.
This policy can be extended to include third party liability related to work conducted on the contract site.
Exclusions
Nuclear reaction, Nuclear radiation or Radioactive contamination
Willful act or willful negligence of the Insured or of his responsible representative
Cessation of work whether total or partial
Inventory losses
Manufacturing / design defects
Consequential loss
ADD ON COVERS

  • Surrounding property

  • Debris removal expenses

  • Third party liability

  • Escalation costs up to 50%

  • Air freight & express freight

  • Extended maintenance

  • Additional custom duty

Contract Plant and Machinery

The toughest job on any construction site is done by the tools and equipment. From hauling and moving materials to excavating earth and debris, generation of power, etc., round the clock – it’s all done by machinery. But, what happens when the heavy machinery breaks down?
Contractor’s Plant and Machinery Insurance is the hassle-free way to protect your investment and minimize repair costs.

What risks does your policy cover?

The policy broadly covers loss or damage to the contractor’s construction mobile equipment such as bulldozers, cranes, excavators, compressors, etc., due to an Accident arising out of external perils.
The cover is operative while the insured property is at work or at rest, or being dismantled for the purpose of cleaning or overhauling, or during Subsequent re-erection.
Exclusions
Electrical or mechanical breakdown does not get covered.
Pre-existing defects does not get covered.
Defective lubrication or lack of oil or coolant.
Any sort of damage for which the manufacturer or supplier is responsible
Any consequential loss
Loss or damage to vehicles used for general road use, unless working on the specified construction site
Construction
Extension

  • Express freight (excluding air freight), overtime and holiday rates of wages

  • Air freight

  • Owner’s surrounding property

  • Clearance and removal of debris

  • Additional customs duty

  • Escalation

  • Third party Liability

  • Act of terrorism

  • Earthquake

*Above list of coverages & exclusions is indicative in nature. For exact coverages & exclusions please refer policy wordings.

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          Types of Engineering Risk Insurance | J Insurance

          Engineering Contractor Insurance is a type of insurance policy that covers a wide range of risks an engineering project is exposed to, for eg,

          • Erection Coverage

          • Damage due to foreign objects, collapse, impact damages.

          • Riot, strike, malicious acts.

          • Subsidence, Landslide, and rockslide.

          • Burglary and theft.

          • Fire, lightning, explosion, aircraft damage.

          • Human errors, negligence.

          • Short-circuiting, excess voltage, arcing, etc. are covered under engineering all-risk insurance policy.

          • Electrical and mechanical breakdown.

          • Faults in erections.

          This insurance is a life-saver for all the stakeholders in a typical construction project like owners, contractors, architects, consulting engineers, and investors. Losses in Real Estate and Construction businesses are hefty and this insurance assures you against them. 

          The cover can be extended by including any of the below-mentioned add-ons.

          Here are some of the add-ons you are offered in Engineering insurance add-ons.

          Airfreight 

          Escalation 

          Additional custom duty 

          Surrounding property of the owner 

          Dismantling 

          Storage risk at the premises of fabricators 

          Extended maintenance and Maintenance cover-visit 

          Cross liability 

          Third-party liability 

          Express freight, Charges of overtime 

          Debris removal cost 

          Terrorism 

          Engineering insurance exclusions 

          Some of the exclusions of the Engineering Insurance policy are: 

          Oxidation deterioration and wear tear corrosion 

          Glass breakage 

          Shortage or disappearance 

          Defects of design 

          Loss of drawings, files, cheques, cash, etc. 

          Consequential loss

          War invasion 

          Contribution of the insured - deductibles 

          Radioactive contamination

          Nuclear Radiation, and Nuclear Reaction 

          Wilful negligence and willful act of the insured 

          Bad workmanship and defective material 

          Cessation of work 

          Note: The sum assured in Engineering Contractor Insurance is never supposed to be less than the erected structure’s value inclusive of its freight, cost of erection, and customs duty. Coming straight to the point, the insurance must be the same or higher than  the price of the contract or Work Order issued

          Types of Engineering Contractor’s Insurance:

          Industrial All Risk Insurance

          Erection All Risk Insurance

          Contractor’s All Risk Insurance

          Contractors Plant & Machinery Insurance

          The duration of the insurance lasts from the arrival of the very first consignment till the completion of the project to handover and even the testing phase of the project is covered which is part of the base/standard policy only.