The construction and engineering sectors have become increasingly aware of the risks associated with insufficient engineering insurance.
If you’re not familiar with engineering insurance, we’re here to unpack what it is, what products are available, and who to trust for comprehensive cover.
What is engineering insurance?
The engineering sector is highly specialised and a significant contributor to the country’s economics. From a risk mitigation position, it’s crucial to be aware of the various risk and liability concerns specific to this sector. Engineering insurance can be tailored to your business or project within the industry framework.
Engineering insurance refers to essential cover that provides an economic safeguard against risks encountered during construction. This includes a range of risk exposure of people, building, machines, and equipment in construction project rollouts and installation projects.
Engineering insurance products
Various engineering and construction risks are catered for through these engineering insurance products:
- Contractors all risks insurance
- Public liability insurance
- Plant all risks insurance
- Electronic equipment insurance
- Machinery breakdown insurance
- Deterioration of stock insurance
- Business interruption insurance
An overview of CAR and EAR
Contractors all risks (CAR) and erection all risks insurance (EAR) offer comprehensive cover for all forms of building and civil engineering construction, including but not limited to:
- Residential housing developments
- Commercial developments, including office blocks, warehouses, and shopping centres
- Civil infrastructures, such as roads, dams, sewerage reticulation, and pipelines
CAR and EAR engineering insurance indemnifies the insured against dangers that may threaten these projects while under construction. These hazards may include:
- Fire
- Explosion
- Flood, rainstorm, water
- Windstorm
- Subsidence, landslip
- Accidental damage
- Theft
The success of construction projects hinges on effective planning and meticulous execution. From the first day, there is a range of risks, dangers, and potential obstacles that need to be considered for best practices and complete health and safety compliance. Failure to effectively mitigate these risks can be costly in both time and financial resources.
Partner with the best
Undercover Insurance has an extensive track record of service excellence. If you would like to know more about our engineering insurance services, contact a representative from Undercover Insurance.
