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Engineering Insurance

Engineering Insurance is an insurance policy that covers a wide range of engineering related risks. It is a comprehensive insurance that provides complete protection against risks associated with erection, resting and working of any machinery, plant or equipment.

Various types of engineering insurance:

1. Contractor’s All Risks (C.A.R.) Insurance used in construction industry

2. Contractor’s Plant and Equipment (CPE) Insurance

3. Machinery Breakdown (MBD Insurance

4. Erection All Risks (EAR) Insurance

5. Electronic Equipment (EE) Insurance

6. Deterioration of Stock (DOS) Insurance

7. Boiler Insurance

Engineering Insurance

Basis of Insurance: On New Replacement Value Basis (NRV)

Basis of claims settlement:

1. In case of Total Loss: On “Depreciation Basis”

2 .In case of repair of damage: “New for old basis” (in case of replacement of spares)

Policy words used are as per “Munich re’ wording.

Engineering insurance does not cover among others:

1. Normal wear and tear

2. Poor maintenance

3. Deductible to be paid under a policy