For a construction project or a business unit, time counts. Although you took all necessary safety measures, accidents can still happen, leading sometimes to a considerable loss. For such times, you need a coverage that ensures the necessary financial support that gets your business back on track in the shortest delays.
Engineering insurance provides protection against a wide range of hazards that can impact on your projects and your business. Marina takes great pride to innovate and provide tailored coverage programs against the risks of damage to contract works through customized solutions and offers various policies which are comprehensive in coverage to cater ever-increasing exposures.
We can arrange the following types of insurance for you:
CONTRACTORS ALL RISKS (CAR)
This insurance provides comprehensive and adequate protection against loss or damage in respect to the contract works, construction plant and equipment and or construction machinery as well as against third party claims in respect to property damage or bodily injury arising in connection with the execution of the contract.
The CAR policy may be effected by the interested parties in the project but primarily by Principal or by the Contractor engaged for the work and generally includes all sub-contractors. The cover begins from the start and terminates when the completed project is handed over or any completed part is taken over or put into service.
ERECTION ALL RISKS (EAR)
While erecting and installing machinery, risks of property damage are high. EAR is designed to cover the risk of loss caused by the erection and installation of machinery, plant and steel structures, including physical damage to the contract works, equipment and machinery. EAR also covers bodily injury and property damage of third party liability resulting from these operations. Insured parties include the general contractor, subcontractors, and in some cases, the suppliers and manufacturers of equipment.
MACHINERY BREAKDOWN (MB)
Machinery Breakdown is designed to provide cover for machinery against any unforeseen and sudden physical loss or damage necessitating its repair or replacement due to causes such as Defects in casting and material, Faulty design, Faults at workshop or in erection, Bad workmanship, lack of skill, carelessness, Shortage of water in boilers, Physical explosion, Electrical causes such as short circuit.
The sum insured should always be equal to the costs of replacement of the insured machinery by new machinery of the same kind at the same place (value of the new item plus customs duties plus transportation and installation charges).
CONTRACTORS’ PLANT & MACHINERY (CPM)
This insurance provides cover to Contactors Plant and Machinery against any unforeseen and sudden physical loss or damage from any cause including electrical or mechanical breakdown but except those specifically excluded under the terms of the Policy. The indemnity under the policy is for replacement or repair.
The sum insured should always be equal to the costs of replacement of the insured machinery by new machinery of the same kind at the same place (value of the new item plus customs duties plus transportation).
The Electronic Equipment insurance policy covers the sudden, accidental loss or damage to electrical data processing systems, communications control, medical equipment and all other electronic systems and installations.
The sum insured must always be the replacement value of the insured electronic equipment (value of the new item plus customs duties, transportation and installation charges).
DETERIORATION OF STOCK
Deterioration of stock in cold storage is designed to meet the requirements of those who want to insure themselves against deterioration of goods in cold storage due to a breakdown of refrigerating machinery. Deterioration of stock insurance is a complementary cover to machinery insurance and can only be taken out in conjunction with the latter.
It is possible to extend the deterioration of stock cover to include deterioration due to the failure of the public power supply, provided the arrangements regarding public and back-up power supplies is found to be satisfactory.
MACHINERY LOSS OF PROFITS
Loss of Profits following Machinery Breakdown (LOP) is designed to provide coverage for the actual loss of profits, sustained as a result of business interruption caused by an accident, indemnifiable under the Machinery Breakdown Insurance Policy.
The consequential loss following a breakdown of a machinery, plant or equipment due to a sudden and unforeseen event would sometimes be worse than the extent of physical damage. Production and business comes to a standstill sometimes, but fixed expenses such as salary, wages, interest on capital, rent etc., will continue to be incurred resulting in loss of gross profits and increased cost of working during the interruption period.
BOILER AND PRESSURE VESSEL
Boiler Insurance is designed to provide coverage of indemnity for loss or damage to boilers resulting in explosion and collapse due to overpressure and failure of safety valves, faulty workmanship, defective materials and faulty design.
The policy covers Damage to the pressure vessel, Damage to the contents of the pressure vessel, Damage to the surrounding property of the assured, Damage to the property belonging to third parties.