Contractors All Risk (CAR) is just one type of policy sitting under engineering insurance and provides coverage for property damage and third-party injury or damage claims, and protects the interests of contractors involved on the project. Damage to property can include improper construction of structures, accidental damage during construction, water damage, floods, fire and damage to temporary work erected on-site.
Third Party Legal Liability is required If you have subcontractors on site. This type of policy will cover any third party should they become injured whilst onsite. A CAR policy will cover them and the associated risks too and what’s more, it can also bridge these two types of risks into a single policy that will also cover the any gaps between exclusions that would otherwise exist if using separate policies.
Erection All Risk (EAR) Insurance policies are put in place to cover the risk of loss arising out of the erection and installation of machinery, steel structures and plant, including physical damage to the contract works, equipment and machinery, and also includes liability for third-party bodily injury or property damage arising out of these operations.
Covered parties include the general contractor, subcontractors, and occasionally suppliers and manufacturers of equipment.
Contractors Plant and Machinery insurance is an All Risk engineering insurance type policy and covers Mobile Plant and equipment often used in construction sites against sudden, accidental and unforeseen loss or damage but often mechanical/electrical breakdown is excluded.
If you have Plant or Machinery on a site then this policy will protect some of your large company assets.
An Electronic Equipment Policy is an All Risk Policy and is suitable for electronic equipment like servers and data centres, computers, printers, industrial electronic machines and scanners.
The Insurance Policy broadly covers material damage to electronic equipment (which can include systems software) due to sudden and unforeseen events, cost of external data media, including cost of reconstruction of data, as also increased cost of working.
Even with annual maintenance contracts, there is always the risk of machinery breakdown, and all too often the cost or replacing or repairing the equipment is a financial burden.
Machinery Breakdown insurance is extremely useful to businesses who rely on machinery and equipment for their operations.
This engineering insurance type of policy protects organisations against the heavy expenses necessitated in repairing the mechanical breakdown and covers against any unforeseen and sudden physical loss of or damage to the insured machinery and equipment.
Deterioration of Stock insurance covers loss or damage to frozen food that is stored in any deep freezer, refrigerator or cold storage room occurring by deterioration or putrefaction directly caused by a rise or fall in temperature as a result of mechanical or electrical breakdown of the refrigeration plant or accidental failure of the power supply or, accidental leakage of refrigerant fumes or refrigerant coolant.