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Engineering Construction Annual Policies (Floaters)

Policies intended for contractors who normally undertake construction works of similar nature in sufficiently large numbers e.g., dwellings, apartments, residential units like row houses, bungalow, commercial buildings and the like. Effecting a separate CAR policy for each contract becomes administratively cumbersome and inconvenient to handle. Open covers are as such the most appropriate tools for both the insurers and the insureds. Such Open Covers or Floaters will usually be issued under Annual Policies on any of the two different basis viz.,

Engineering insurance

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)

Engineering interruption loss

A business interruption insurance providing an indemnity at a fixed rate per day in respect of interruptions following breakdown or unforeseen damage to installed plant and machinery or failure of the power or water supply. There are time excesses/deductibles or franchises applied to the indemnity period to avoid small losses, particularly temporary losses of services.

Engineering surveys

Detailed surveys necessary for the underwriting of highrisk situations, e.g. pollution or environmental impairment liability cover in high-risk industries. The cost is borne by the insured directly or indirectly through higher premiums.