Engineering Insurance
The multifaceted nature of risks inherent in the implementation of construction and erection projects necessitates a meticulous approach. Our team of seasoned engineering insurance experts diligently assesses project proposals, meticulously scrutinizing potential risk patterns that could impact the seamless execution of your project. Leveraging our extensive collective expertise in this specialized field, we assure you that your project risks will be comprehensively and adeptly insured.
Our products within this segment include:
URIIC’s Contractor’s All Risks Insurance (CAR) policy offers comprehensive protection against loss or damage related to contract works, with two key sections. Section 1 covers physical loss or damage from various risks, including accidents, fire, water damage, and more. Section 2 provides third-party legal liability indemnity for bodily injury, property damage, and legal expenses. Additionally, the policy includes Maintenance Period Cover and considers factors like contract value, project type, and contractor’s history when determining the premium rate.
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URIIC provides comprehensive protection against site risks during machinery, plant, and steel structure erection through its Erection All Risks Insurance (EAR). This coverage includes two sections: Section 1 covers physical loss or damage, while Section 2 handles third-party legal liability. Additionally, there’s Maintenance Period Cover. Premiums depend on factors like project nature and location, erection duration, and experience. For more information, please contact us directly.
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URIIC offers insurance protection and peace of mind to contractors and the construction industry through its Contractor’s Plant & Machinery (CPM) policy. This coverage safeguards against a wide range of risks, providing financial protection for machinery used in construction and erection activities. Premium rates depend on factors like equipment value, type, age, maintenance history, and the contractor’s experience.
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The Loss of Profits following Machinery Breakdown (LOP) policy covers actual profit loss due to business interruption caused by an accident under the Machinery Breakdown Insurance. It helps in situations where machinery breakdown disrupts operations, incurring fixed expenses despite halted production. Premium rates depend on factors like total turnover, gross profit limit, indemnity period, and more. For detailed terms and coverage, refer to the policy or contact our Engineering Insurance Department.
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URIIC’s Deterioration of Stock Insurance covers physical loss or damage to perishable items caused by refrigerating machinery breakdown. It safeguards against stock deterioration in cold storage due to temperature fluctuations and refrigerant leaks. Premium rates are determined by factors like stock value, machinery condition, location, and industry experience. For detailed coverage and terms, refer to the policy or contact our Engineering Insurance Department.
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URIIC’s Machinery Breakdown Insurance (MBI) provides coverage for machinery against unforeseen and sudden physical loss or damage, necessitating repair or replacement. This coverage includes various causes like defects, faulty design, and more. Machinery and equipment in various industries face risks of mechanical or electrical breakdown, which may require repair or replacement. The sum insured should reflect replacement costs, including associated expenses. Premium rates depend on factors like machinery details, industry type, and loss history.
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