things you must know about Engineering Insurance

What is Engineering Insurance? 

This insurance covers you against misfortunes such as machinery breakdown, business interruption, deterioration of stock, engineering transit, dismantling and erection and accidental damage to electronic equipment, mobile plant and construction work. 

All engineering material damage policies are policies of indemnity. Naturally there are definitions on these policies, which are a little out of the ordinary dictated by the type of cover underwritten. 

Engineering Insurance policies provide “All Risk” type covers.

This means that almost any sudden & unforeseen physical loss or damage occurring during the period of insurance to the property insured is indemnifiable (payable by insurers.) In essence, every hazard is covered which is not specifically excluded.

Who needs Engineering Insurance? 

Financiers, Developers, Owners, Principals, Employers, Purchasers, Main Contractors, Sub-Contractors, Supplier-Installers who are involved in: 

• The construction or erection of all types of civil, electrical, mechanical engineering projects.
• The managing and on-going operation of these types of industrial developments/projects.
• The use/operating or leasing (hiring-out) of Contractor’s Plant and Machinery.
• Companies operating in the fields of civil, electronic, mechanical or structural engineering.

Why should you take out Engineering Insurance? 

Unfortunately accidents can happen & there can be sudden & unforeseen loss or damages to the Works/Projects under construction. Example: Brought about by a fire, theft, storm, hail, collapse etc. 

You need to be covered for accidental, sudden & unforeseen loss or damage to the completed & handed over Works/Projects. Example: Brought about by mechanical and/or electrical breakdown or derangement etc. 

There could be possibilities of resultant loss of gross profit, loss of rent, loss of revenue, and/or increase cost of working etc. 

Consequential losses stemming from engineering damage in the form of loss of profits, deterioration of stock, temporary hiring fees and increased cost of working. 

Construction Risks: 

Roads, bridges, factories, mines, airports, houses, buildings or power stations 

Working Risks: 

Computers, X-ray and scanning machines, mines, engineering works, glass works, manufacturing operations, machinery of varying descriptions, clothing and furniture, food and beverage processing, frozen foodstuffs and the meat industry.

How much does Engineering Insurance cost?

We have a large book of clients with many different insurance companies, so we will be able to find the most beneficial policy with the cheapest premiums for your business.

Typical claims incurred on Engineering Insurance 

Sudden accidental & unforeseen physical loss of or damage to machinery & plant arising from mechanical/electrical breakdown, whilst in operation, at rest, or during reciting or re-erection, at the client’s premises.

Consequential loss of gross profit, loss of revenue or increased costs of working, arising form indemnifiable loss or damage sustained under the Machinery Breakdown policy. 

Damage to stock of all descriptions caused by a change in the controlled environment of the holding rooms or chambers, arising from indemnifiable damage to the insured machinery that creates the controlled environment. 

Accidental loss of or damage to plant and machinery during the operations insured against, including dismantling, movement, loading, transit, offloading, re-erection etc. 

Primarily an impact cover causing loss or damage to the clients own plant and machinery, to goods being manufacture, or to goods under the custody & control of the client. 

Loss of or damage to Computer & Electronic Data Processing Equipment and associated ancillary equipment arising from Fire and Allied Perils. 

Loss of or damage to construction plant & equipment from any cause whilst in storage, transit, on site & being use as a tool of trade.Wh

What other insurance should be considered along with Engineering Insurance? 

Machinery Breakdown

Plant All Risks

Loss of Profits

Contract Works

Applied Electronics

Extraneous damage and works damage

GET A QUOTATION:

Click here to send us an e-mail requesting a quote -> insurance@barrington.co.za 

We will e-mail you a quotation as soon as possible.

Contact details will be kept confidential and will not be used in any way other than as described above and will not be shared with any other parties.

Please note that we can only insure in South Africa.

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