UK: Insurance of plant under one of four main headings: boilers and pressure plant; engine plant; electrical and mechanical plant; and lifting machinery. In addition inspection services are provided. The insurances cover selfdamage, damage to surrounding property, third party risks and engineering interruption insurance. Also, cover is provided in connection with deterioration of stock, computer risks, contractors’ plant and machinery erection and other miscellaneous insurances. The principal risks against which insurance is sought are explosion and collapse, breakdown, sudden and unforeseen physical damage, fragmentation and extraneous causes.
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Insurance protection available for construction, erection, commissioning, test run, operation, expansion etc., of a plant, machinery, boiler, equipment, civil construction, contractors plant and machinery, project, deterioration of stock, loss of profit, advance loss of profit. Provides coverage for own damage as well as to surrounding property, coverage for bodily injury to employees, to the third parties, loss of profit etc. The following are the main classes of engineering Insurance.
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Marine – cum – Erection All Risks Insurance (MCE) (Machinery cum Erection (MCE) Policy : MCE Policy provides Marine all risks cover in conjunction with Erection All Risks (Storage cum Erection) Policy. Policy will commence from the time of dispatch of the first consignment to the project site and a separate marine transit policy for imported and indigenous equipment/project material on all risks plus war and srcc terms is issued in conjunction with EAR/SCE Policy. Policy continues during the storage/erection/test operation or test loading/trial running etc and expire after completion of the project/handing over to the principals or the date specified which is earlier. One month testing is inbuilt under the policy. Also, See Also: Engineering Insurance: Contractors’ All Risks as also Engineering Insurance: Erection All Risks – EAR (Storage cum Erection – SCE)