Engineering
Insurance
Engineering insurance is a specialised type of insurance that provides coverage for risks associated with construction projects and engineering activities.
Engineering insurance is essential for construction projects to mitigate the financial risks associated with unexpected events or accidents that could result in costly damage, delays, or liabilities. It helps contractors, engineers, and project owners protect their investments and ensure the successful completion of construction projects.
Do you need Engineering Insurance?
Engineering insurance provides financial protection for contractors, engineers, and project owners involved in construction, installation, and engineering projects. So, if you are one of those and working on a project then the answer is probably yes.
The key components of Engineering Insurance
Coverage for Construction Projects
Engineering insurance covers risks associated with construction projects, including buildings, infrastructure, and other engineering works. It typically provides coverage for physical damage to the project, such as damage caused by fire, flood, theft, vandalism, or natural disasters.
Erection All Risks (EAR) Insurance
EAR insurance is specifically designed to cover risks associated with the installation, testing, and commissioning of machinery, equipment, and industrial plants. It provides coverage for physical damage to the equipment during transit, storage, and installation, as well as damage caused by operational errors, mechanical breakdowns, or external perils.
Contract Works Insurance
Contract Works Insurance, also known as Contractors Plant and Machinery (CPM) insurance, provides coverage for construction materials, machinery, equipment, and tools used in the execution of a construction project. It protects against damage or loss to these items while they are on-site, in transit, or in storage.
Professional Indemnity Insurance
Professional Indemnity Insurance is often included as part of engineering insurance coverage for engineers, architects, and other professionals involved in construction projects. It protects against claims alleging professional negligence, errors, or omissions in the design, planning, or supervision of construction works.
Delay in Start-Up (DSU) Cover
DSU cover, also known as Advance Loss of Profit (ALOP) insurance, provides coverage for financial losses incurred due to delays in the completion of a construction project. It compensates for additional expenses and loss of revenue resulting from project delays caused by covered perils.
Bespoke Coverage
Engineering insurance policies can be tailored to meet the specific needs of individual construction projects, including coverage limits, deductibles, and policy terms. Coverage can be adjusted based on the size, complexity, location, and duration of the project.
How much Engineering Insurance cover do you need?
The amount of engineering insurance a company needs depends on various factors related to the nature of its operations, the scale of its projects, its risk exposure, and regulatory requirements. Ultimately, the goal is to ensure that the company has adequate insurance coverage to protect its assets, mitigate financial risks, comply with contractual and regulatory requirements, and safeguard against potential liabilities arising from construction projects. And that’s where we come in.
Step 1
Your business
We meet with you to understand your unique business and the risks it faces.
Step 2
The market
We will take the information and research the market to find the most suitable policy.
Step 3
Your cover
Once you have agreed, we put your policy in place and you are covered.
If you have an insurance need then please get in touch
At Minories Partnership we work with our clients to construct the most appropriate insurance programme for their specific needs. And we’d be delighted to do the same for you. Get in touch and we can talk to you about your needs with no obligation.
