Key areas of engineering and construction risks including damage to contract materials and construction plant and machinery, liability to third parties, etc, can be insured through:
- Contractors All Risks (“CAR”) insurance protects the contractor and/or the principals against the cost of loss in building or civil works.
- Contractors’ plant and machinery (“CPM”) offers coverage on the cost of losses or damages to construction plant and machinery.
- Erection All Risks insurance (“EAR”) insures the contractors and/or the principals against the cost of loss with respect to the erection or installation of machinery or equipment.
Computer and electronic equipment insurance is designed to protect against damages to equipment and the increased cost of working following insurable material damages.
Machinery and business interruption insurance protects the installed plant and machinery against damages due to electrical or mechanical breakdown, which is usually excluded from a typical property-all-risks policy. Optional business interruption coverage pays for the shortfall in revenue when the critical machinery fails and interrupts the operations.