The Complex Operation and the Capital nature of Construction and Engineering projects require competent individuals as well as continuous insurance service. These projects are exposed to a lot of risk from natural calamity, incorrect operation, sabotage and others including faulty design, which may result in sudden and unforeseen losses/damages to property, breakdown, escalation of cost, stoppage of work, loss of profits as well as loss of life and third party liability.
Though Insurance is procured mostly for compliance purpose and considered as “only a cost”, it could actually be a source of revenue if opportunities for claims are tracked and managed professionally through experts.
Construction projects such as bridges, dams, buildings, theatres, factory sheds, warehouses, oil / gas pipelines, water / sewage projects etc. are covered against Fire, Lightning, Explosion, Flood, Storm, Tempest, Landslide, Malicious Damage, Burglary, Bad Workmanship, Earthquake & Shock, Collapse & Wet Risk.
All risks pertaining to projects during the course of storage, erection, testing and commissioning of electrical plant and machines and structures involving civil engineering work. Insurance commences from the time of first unloading of materials at a site.
Boilers, Electrical machinery, Mechanical Machinery and Lifting Equipments can be insured under this policy.
Reduction in Gross Profit due to fall in turnover / output and increased cost of working of a company arising out of accidental damage to machinery / boilers as a result of operation of an insured peril. This policy can be taken in conjunction with Fire or Machinery breakdown policy.