Engineering Insurance is a specialized category of insurance coverage that mainly concerns companies. It is mainly given on an “all-risk” basis, covering mainly that it is not explicitly excluded. There are subcategories of insurance related to specialized risks such as construction projects, assembly projects, electronic equipment insurance, insurance of mechanical or mechanical equipment and alteration of goods in cold stores.
Contractors All Risks (C.A.R – Contractors All Risks)
In Technical Works Insurance, we usually refer to “all risk” contracts that insure technical works of any kind, whether they are under construction, construction projects, demolition projects, expansion projects of an existing facility, etc.
Coverage of “all risk” contracts primarily covers that it is not explicitly excluded. These include accidental events, fire, theft, earthquake, general Liability, Employer Liability, malicious actions, loss of profits, loss of budgeted profits (A.L.O.P – Advance Loss of Profit) etc.
The works are contracted, the factory equipment, the mechanical equipment of the project, scaffolding, tools, prefabricated constructions, housing of construction, construction materials, any costs of collection of rubble, the Civil Liability, the damages to existing property etc.
The projects to be insured can be private, public or Public & Private Sector Partnership (PPP).
E.A.R – Election All Risks
Damages are covered mainly in assembly projects of metal structures, mechanical installations, independent machinery, production units, etc.
Electronic Equipment Insurance (E.E.I – Electronic Equipment Insurance)
Damage to computer systems, monitoring systems of electronic units and installations, medical equipment, telecommunication installations, equipment of radio and television units, etc. is covered.
At all risk of Mechanical Equipment (C.P.M – Contractors Plant and Machinery)
Damage to vehicles and mechanical equipment used at construction sites is covered.
Merchandise insurance (D.O.S. – Merchandise contract due to mechanical failure)
Damage to cold rooms and goods stored inside them is covered.
Insurance of Electromechanical equipment (MB – Contract for mechanical failures)
Damages to Electromechanical equipment of industrial installations are covered.
No. Normally the coverage starts the day the materials enter the construction site. However, if the works have started within a period of about a week and after a written declaration of no damage, retroactive coverage can be given.
No. The contractor is not considered a third party to the project nor does it involve damage to the project itself.
Yes. The earthquake is included in the coverage in any case of risk for the project itself.
No. Provided that I have included in the contract M.B. the extension of property coverage.
I will have to insure my electronic equipment at replacement value as new. In case of partial damage the compensation will be made at new value while in total damage will be calculated depreciation due to use and age.
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