Engineering Insurance
Engineering Insurance, a critical safeguard for businesses involved in construction, infrastructure, and engineering projects. At TPL Insurance, we understand the intricate challenges faced in these industries, and our Engineering Insurance solutions are crafted to provide comprehensive protection, ensuring financial resilience in the face of uncertainties.
Coverages
Contractor’s All Risks
This policy has two parts. The first part covers damage to the construction work and related items. The second part protects against harm to other people because of the construction work. It lasts during construction and for 12 months after it’s done.
Comprehensive Machinery Insurance
This policy provides broad coverage, particularly for engineering-related risks such as machinery breakdown, fire, lightning, and chemical explosions, along with natural disasters, with some exceptions. Optional business interruption coverage is available.
Electronic Equipment Insurance
Electronic equipment can get damaged unexpectedly. This insurance policy covers things like computers, medical devices, and office equipment in case they are damaged or lost suddenly.
Erection All Risks
Similar to the Contractor’s All Risks Insurance but specifically designed for Erection/Installation projects, where the values of the Plant/Equipment dominate the Contract Value.
Machinery Loss of Profit
Machinery Loss of Profit insurance indemnifies the actual loss of gross profit sustained as a result of a business interruption caused by an accident covered under machinery insurance.
Machinery Breakdown
The policy covers loss or damage to insured static Plant & Machinery against sudden, accidental and unforeseen physical loss or damage including mechanical/electrical breakdown.
Boiler Pressure Vessel
This insurance covers losses or damage (excluding fire) to boilers, pressure vessels, and other property. It also covers legal liability for damage to others’ property and injuries due to boiler or pressure vessel explosions while in normal operation.
Deterioration of Stock
The policy covers Deterioration of Stocks in refrigerated cold rooms/chambers following an incident, which gives rise to a claim under the underlying Machinery Insurance Policy. Therefore, availability of a Machinery Insurance policy is a pre-condition for Deterioration of Stocks Insurance.
Contractor’s Plant & Machinery
The cover is designed for Mobile Plant & Equipment used in construction sites against sudden, accidental and unforeseen loss or damage but excluding mechanical/electrical breakdown. The same criteria apply as in the case of Machinery Insurance.
