ENGINEERING INSURANCE POLICIES

Contractors Plant and Machinery Insurance
This insurance policy provides cover against any unforeseen or sudden physical damage to property of the insured whether it is At work, At rest, In the process of being dismantled for cleaning or overhauling, Being shifted within the premises and In the process of being re-erected subsequently.

Contractors All Risk Insurance
Provides cover for contract works, materials or any part thereof that shall suffer any unforeseen and sudden physical loss or damage from any cause.

The policy can also be extended to cover the cost of clearance of debris subsequent to the event giving rise to the claim.

Vanguard Assurance Contractors All Risks Policy also provides:

• Third Party Liability Cover: This indemnifies the insured against all such sums which the insured shall become legally liable to pay as damages arising out of accidental bodily injury to or illness of third parties whether fatal or not;
• Accidental loss or damage to property belonging to third parties occurring in direct connection with the contract and happening on or in the immediate vicinity of the site during the period of insurance.
  

Erection All Risk Insurance
This is the Insurance cover provided for the construction/erection of machinery, plant & steel structures involving very little civil engineering works.
There is a seeming similarity between the Contractors All Risk (CAR) and the Erection All Risk (EAR) but it is worthy of note that they are not similar.
While the CAR provides cover for civil works and mostly building needed to house or support the expensive machinery & equipment, the EAR covers the erection.

Boiler & Pressure Plant Insurance
This policy affords owners of the boiler/ pressure plant protection against
• Damage to the boilers and/or pressure vessels
• Damage to the surrounding property of the insured
• Liability of the insured by law to any third party on account of
a. death or bodily injury
b. damage to property (not held in trust or in commission) caused by and solely due to explosion or collapse occurring in the course of ordinary working.

Electronic Equipment Insurance
This policy provides owners and or financers with a cover against unforeseen and sudden physical loss or damage from fire and allied perils breakdown, short circuiting etc to equipment such as Computers, Medical, Bio-Medical, Micro Processors, Audio-visual equipments etc.

Civil Engineering Completed Ri
This policy is provided to contractors and its coverage is only granted for material damage to the structures insured and only repair costs are identifiable. The areas of cover include:

• Fire, lightning, explosion, impact of land borne or waterborne vehicles
• Impact of aircraft and other aerial devices or articles dropped there from
• Earthquake, volcanism, tsunami
• Storm (air movements stronger than grade 8 on the Beaufort Scale)
• Flood or inundation, wave action or water
• Subsidence, landslide, rockslide or any other earth movement
• Vandalism of individual persons
  

LOP following Machinery Breakdown/BPI/EEQ
The policy indemnifies the insured for loss of profits and/or additional expenses incurred following the loss or damage to the insured machinery caused by an insured peril.

Thermal Risks and Machinery Loss of Profit
This policy covers the continuing business expenses (standing charges), salaries and wages. The net profit and the increase in cost of working.