Engineering Risk Insurance

Factory, plant, and machinery operations are laden with multiple risks that can prove to be detrimental to a business’s revenue stream. These risks may include breakdown of machinery, physical loss or damage to equipment, accidents on site, etc. Mitigating these risks and protecting your business from resultant losses becomes an essential step in the smooth functioning of your organization.

Machinery Breakdown Insurance

Machinery Breakdown policy is an engineering insurance cover for all kinds of plant and machinery units. This policy covers the cost of repairs or replacement of damaged parts resulting from unforeseen damages.

Under this policy, the insured unit of machinery is protected whilst at work or at rest or when it is dismantled for cleaning, inspection, and overhauling; additionally, the machinery unit will also be covered when it is moved to another position or during its operations or subsequent re‐erection, provided these are performed within the same premises.

Features of Machinery Breakdown Insurance

The Advance Loss of Profit Insurance Policy has the following features –

  • Losses incurred due to all kinds of accidental, electrical, and mechanical breakdowns resulting from internal and external causes other than those excluded from the policy.
  • Damage occurs when the insured unit of machinery is in operation or at rest or in the process of being dismantled, overhauled, or during subsequent re-erection operations within the same premises.
  • If specifically requested, the machinery breakdown insurance policy can also cover damage to the machinery foundations, masonry, brickwork as well as oil in transformers caused due to unforeseen circumstances, other than specified excluded perils and forms of damage.

Machinery Loss of Profit Insurance Policy

Accidents, breakdowns, or failure of machinery critical to an industrial or manufacturing unit can hamper operations thereby resulting in losses. These critical units like boilers, pressure vessels, or any other essential machines can be covered under the Machinery Loss of Profit Insurance Policy. Under this protecting solution, the business is protected from losses/decreases in turnover arising due to unanticipated physical damage to machinery.

A Machinery Loss of Profit Insurance Policy can help your business bounce back from loss of profit. This policy is suitable for Small and Medium Enterprises (SMEs) and Corporates looking to protect machinery essential to their business.

Features of Machinery Loss of Profit Insurance Policy

  • Under this insurance policy, your business is protected from financial losses that may occur due to breakdown or failure of essential machinery.
  • This solution additionally offers exhaustive coverage along with a Machinery Break Down Policy for all risks associated with boilers, pressure plants, and industrial machinery.
  • Other extensions/add-on covers are available to cover wages and auditor fees.

Electronic Equipment Insurance

An Electronic Equipment Insurance policy is a protection solution that provides comprehensive coverage for the electronic equipment used for your organization’s operations. It includes physical loss or damage to all electronic equipment and data media. This policy also covers the increased in cost of operations resulting from damage to electronic equipment.

Most businesses today heavily rely on electronic equipment for running their daily operations. Be it cash registers, barcoding systems, software, or even printers, businesses cannot survive without electronic equipment. This makes it very important to protect all electronic equipment utilized by a business. The Electronic Equipment Insurance policy is a protection solution that provides comprehensive coverage against damage to electronic equipment used for your organization’s operations.

It includes physical loss or damage to all electronic equipment and data media. This policy also covers the increased in cost of operations resulting from damage to electronic equipment.

This includes protection from damages caused by the operation, electrical energy (short circuit, excess voltage, induction), faulty operation, faulty design, defects in material, etc.