Engineering Insurance

Engineering insurance provides economic safeguard against risks faced by an ongoing construction project, an installation project, and machinery and equipment. Some of the common insurances include Contractor’s Plant and Machinery, Electronic Equipment Insurance, Machinery Breakdown Insurance, Boiler and Pressure Plant.

Contractor’s Plant & Machinery (CPM) Insurance

Provides cover on an annual basis to a contractor who may be using his plant and machinery for several projects, during the course of the year.

The cover under the policy is not limited to a specific project site. It is operative at all sites where the plant and machinery is in use, even when the same is lying at the contractor’s premises. It offers comprehensive coverage against fire and allied perils, burglary, theft, riot and strike, and malicious acts or accidental damage.

Standard Exclusions:

  • Loss or damage due to explosion of any boiler or pressure vessel subject to internal steam or fluid pressure, or explosion of any internal combustion engine
  • Loss of or damage to vehicles designed and licensed for general road use unless these vehicles are exclusively used on construction sites
  • Loss or damage to the hull and machinery of water borne vessels in transit
  • Loss or damage due to wear and tear corrosion, rust

Electronic Equipment Insurance (EEI)

Covers comprehensive cover against unforeseen and sudden physical loss or damage to electronic equipment and data media. The policy covers loss or damage caused by fire or allied perils such as explosion, machinery breakdown, short circuit or voltage fluctuations, theft, burglary etc.

Standard Exclusions:

  • War or warlike operations
  • Wilful act or negligence
  • Wear and tear
  • Consequential losses
  • Pre-existing fault or defect

Boiler and Pressure Plant (BPP)

Covers boilers of various kinds and pressure plants and vessels, under pressure, including fired and unfired, against damage such as collapse or explosion.

Standard Exclusions:

  • Loss or damage from fire and allied perils (can be covered separately)
  • Contractual liability
  • Wear and tear
  • Loss from an existing defect

Machinery Breakdown Insurance

The policy provides financial protection in the event of an unforeseen and sudden physical damage of the insured machinery that occurs owing to any cause other than those excluded in the policy, and which makes immediate repair or replacement necessary breakdowns.

Standard Exclusions:

Loss, damage and/or liability caused by or arising due to

  • War or warlike operations
  • Nuclear reaction, radiation or radioactive contamination
  • Faults or defects existing at the time of commencement of the policy
  • Wear and tear
  • Parts of the machine as specified in the policy which have limited life

 Please refer to the policy document for detailed scope of cover and list of exclusions and other terms and conditions under the policy.

Get in Touch

Call us at +91-22-67618900 or write to us for more information or any questions you may have.

Leave a testimonial

You can share your experience with us below.

Please enter full name
Type of plan or service
Tell us about your experience