Contractor All Risk Insurance

The Contractor All Risk (CAR) insurance covers damages to a construction site, materials, and equipment during a project. It also includes third-party liability for accidental damage or injury caused at the site.

Erection All Risk (EAR) insurance covers risks involved in installing and testing machinery, plants, and equipment. It protects against accidental damages, including fire, theft, and breakdowns.

Under this, the company agrees with the Insured that if, during the policy period, the insured property (excluding packing materials) is lost, damaged, or destroyed by any cause not specifically excluded, requiring repair or replacement, the company will cover the loss up to the insured amount. It also covers debris removal up to the policy limits.

Reinstatement of the sum Insured means that after a loss or damage, the insurance coverage remains in force for the insured amount. The insured must pay a pro-rata additional premium on the full claim amount from the date of loss until the policy expires, ensuring continued protection without reducing the original sum insured during the policy peri

Liability coverage under engineering insurance indemnifies the insured against legal liability for accidental damage to third-party property, excluding property used in construction. It also covers liability for injuries to third parties, excluding employees or family members. It also covers litigation costs.

Electronic equipment insurance protects businesses from losses due to accidental damage, fire, theft, or short circuits affecting electronic devices like computers, servers, medical equipment, and industrial electronics.

Assess business needs, project risks, equipment value, and coverage options. Compare policies from different insurers, check coverage limits, exclusions, and premium costs, and seek expert advice to select the best policy that aligns with your requirements.

For claim approval, the insurer appoints a surveyor within 72 hours of claim intimation to assess the loss. Within 7 days, the insurer or surveyor informs the claimant about the documents. The claim is processed based on the surveyor’s findings and policy terms

Most engineering insurance policies do not have a waiting period for accidental damages. However, certain coverages, such as loss of profit due to machinery breakdown, may have a waiting period before claims can be made.

In the event of a loss or damage, settlement is based on repair costs to restore the property to its prior condition, deducting salvage. If the property is a total loss, settlement is based on its actual value before damage minus salvage. Total loss rules apply if repair costs equal or exceed the pre-damage value.

Policy details, loss reports, and damage assessment reports are some of the common documents required to file a claim under an engineering insurance.

The claim processing time for your claim request can differ from one insurer to another. We try to resolve your claim request as soon as possible.

Engineering insurance may not always be mandatory but is often required for large construction projects, industrial plants, and businesses using heavy machinery. Many clients and regulatory bodies mandate coverage to protect against unforeseen losses.

Engineering insurance is generally non-transferable. A new policy may be required if a project is transferred to a new contractor. However, in some cases, with insurer approval, policy endorsements can be made to accommodate ownership changes.

Yes, engineering insurance policies can be customised based on business needs at the time of renewal. Policyholders can add coverage extensions, adjust coverage limits, or include additional protections for specific risks related to construction projects, equipment, or operations.

You can contact our customer support if you have invested in an engineering insurance policy from us. Our team will help you in ensuring comprehensive coverage for your project.

Talk to your insurance provider if you need to renew your engineering insurance plan. The renewal process can vary from one insurance provider to another.