Unless you’re an expert in Insurance or a specialist in the field of discourse or a truly multi-faceted individual, the term “Engineering Insurance might seem rather novel as cyber insurance.
Life Insurance, Health Insurance and Auto Insurance are the most common types of insurance we’ve seen in Nigeria.
Engineering Insurance isn’t widely available in this region of the world since it is a niche segment of the market. It is nevertheless important to point out that it is possible to find insurance firms that provide the services of Engineering Insurance in Nigeria.
Let’s look at the dynamic relation among Engineering as well as Insurance. Get popcorn and enjoy a beverage.
What is Engineering Insurance?
Engineering Insurance is a branch of Insurance that covers the risks associated with engineering-related accidents.
This Engineering Industry is all about creating and designing, as well as construction and building. It is a highly technical field there is a tendency to be prone to the occurrence of construction-related accidents and injuries.
In other words, technically, Engineering Insurance caters to the various forms of uncertainty related to construction sites which includes plant and machinery use.
Types of Engineering Insurance
It is possible to find Insurance firms offering the majority or even all the kinds of Engineering Insurance we shall be looking at in the near future.
1. Plant All Risk Insurance
Do you remember what we said about “plant and machinery usage” within our definition for Engineering Insurance?
Simply stated the way it works, the coverage is designed to be streamlined in order to respond to unexpected damages and loss of equipment in operation.
Equipment for construction and operational use are prone to wear and tear from the harsh environmental elements they are exposed to.
Do you operate or own machines and engineering equipment? You might want to think about taking out a ‘Plant all Risk Insurance Policy.
2. Machine Breakdown Policy
The name suggests that Machine Breakdown Policy, as the name suggests Machine Breakdown Policy provides cover the cost of sudden or unexpected damages to equipment, particularly while it’s still being used.
External and internal damages are covered by The Machine Breakdown Policy. The internal damage may include lubrication issues or electrical damages as well as overheating and other similar issues.
If you have a manufacturing facility or refrigeration unit(s)? It is possible that the Machine Breakdown Policy could also be a valuable tool in the protection of your investments.
3. Electronic Equipment Policy
A lot of times, this policy is applicable to devices and systems that draw power and low voltage.
Do any of these devices pop into your you? Yes, they are common devices like UPS, computers stabilizers, computers, and the similar. Medical equipment such as the ultrasound machine and x-ray equipment aren’t excluded from the game.
So, the insurer is accountable for the costs of repair or replacement in order to restore the original condition of electronic equipment as well as devices.
4. Contractor’s All Risk Cover
You’ve got it right from the title and the description: it covers contractors as well as providing financial protection against losses or damages that may occur during construction projects.
As with the other types that are Engineering Insurance we have described The Contractor’s All Risk Cover protects against losses or damage to equipment and plants.
This policy is consistent with our concern about the construction site’s construction risks. This is a particularity of civil engineering projects such as buildings airports, flyovers, flyovers and others.
Did I not say that the “Contractor’s all Risk Insurance’ covers fire-related accidents that occur during construction? However, this is heavily covered by the Fire Insurance Policy.
5. Erection All Risk
This risk is the construction of plant or machinery structures. It also covers installation , commissioning, and testing of machines.
The equipment we have described since the beginning is a technical one as we first established.
For example, equipment such as excavators, bulldozers loaders, trenchers tower cranes, pavers and many others; represent the construction machinery on site.
Does this description match the type of work you’re involved with? It’s important to include securing an ‘Erection All-Risk policies in your list of things to do.
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Conclusion
What type or Engineering Insurance Policy tickles your desire? Though they have similar characteristics however, they all serve different objectives. Check your requirements in relation to the main provisions from every Engineering Insurance policy
