CGIC Engineering Insurance
Engineering insurance is a comprehensive cover for the construction and erection of mechanical and civil works and the maintenance of mechanical, electrical and electronic machinery and equipment
TYPE OF ENGINEERING INSURANCE :
- Contractor’s All Risks (CAR) – insures projects such as buildings, roads, bridges and other civil engineering projects against accidents resulting in loss or damage of works in progress, materials, construction equipment and machinery. Covers the cost of the completed portion inclusive of the cost of materials on site, wages, freight and customs duties. May also include third party liabilities arising from construction activities. CAR may be taken out for all the building and civil engineering projects such as:
- Residential condominiums, office buildings, hospitals, theaters, schools
- Factory and power plant buildings
- Residential condominiums, office buildings, hospitals, theaters, schools
- Erection All Risks (EAR) – is an insurance against accidents resulting in damage or destruction to machinery, mechanical equipment and apparatus during the course of erection or installation. EAR insurance is appropriate for the installation individual machinery or for the erection of complete factories and industrial plants such as electric power stations, sugar mills, plywood plants, cement plants, steel mills, paper mills, oil refineries, fertilizer and chemical plants, food processing plants. May also include third party liabilities arising out of the erection activities.
- Period of Insurance – The term of cover of an EAR policy is based on the estimated time required to complete the erection. The cover commences upon unloading of the insured property at the site and continues until the machinery or plant is completed, installed and tested. It also includes storage areas at the site prior to the commencement of erection. The insured may also have the option to include the transport of goods to site as an additional cover.
- Electronic Equipment Insurance (EEI) – this is an “all risks” cover appropriate for accidents involving electronic equipment such as electronic data processing equipment (computers), medical equipment such as:
- ECG machines, X-ray and other equipment used in hospitals and laboratories;
- Communication facilities such as telephone exchanges, radio, television and communication apparatus;
- Other miscellaneous equipment but may also extend to cover the material value of the external data media and the cost of reprocessing lost information as well as the additional expenses incurred as a result of the breakdown of the electronic equipment.
- Period of Insurance – The policy is usually on an annual basis normally commencing and ending at 12 midnight
- Machinery Breakdown Insurance – by its very nature, is an accident insurance on machinery, mechanical equipment and apparatus resulting in mechanical breakdown. Machinery Breakdown Insurance is usually for factories and industrial plants
- Period of Insurance – This policy is usually issued on an annual basis normally commencing and ending at 12 midnight.
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