Machinery is man-made and can give up anytime irrespective of the good maintenance. Though it helps in a large volume of production, a breakdown may cause severe repercussions to the company. The accidental breakdown of machinery would lead to fatal or non-fatal injuries to the staff, financial loss due to stoppage of production, and loss of business reputation. Having engineering insurance would help you to minimize or cover the losses caused due to machine breakdown.
Engineering insurance is a type of general insurance which covers all the losses caused due to breakage of the machinery. It is taken to protect against all sorts of unforeseen or accidental risks causing damages due to earthquake, fire, flood, cyclone, theft burglary, human error, negligence, lack of skill, malicious acts, bad workmanship involved in civil constructions, failure to install machinery equipment, etc. The policy drawn during the construction or establishment time is called ‘one-time policy.’
Besides the above listed basic insurance coverage, there are various additions such as maintenance and extended coverage, third party liabilities, extended premium facility, etc. are to be made concerning the terms and conditions, separately.
The engineer insurance policy gives coverage from the inception of the project till the stage of commissioning for the period required by the insured. Apex Insurance has a specialized team to assist you with expert advice in choosing the right engineering policy that serves your business purpose. to learn more availing engineering insurance, please contact