Despite regular maintenance, machinery is human-made and subject to failure at any time. Even though it facilitates a lot of production, a malfunction could have negative effects on the business. Accidental equipment failure could result in staff members suffering deadly or non-fatal injuries, financial loss from production stops, and damage to the company’s reputation. Having engineering insurance will allow you to reduce or pay for the damages brought on by equipment failure.
Engineering insurance is a kind of general insurance that covers any damages brought on by mechanical failure. It is taken to protect against all sorts of unforeseen or accidental risks causing damages due to earthquake, fire, flood, cyclone, theft burglary, human error, negligence, lack of skill, malicious acts, bad workmanship involved in civil constructions, failure to install machinery equipment, etc. The policy drawn during the construction or establishing stage is called ‘one-time policy.’
Key benefits of Engineering Insurance
Engineering Insurance covers a wide range of risks related to construction and engineering projects, including damage to property, machinery breakdown, liability claims, and loss of profits due to project delays.
Engineering Insurance is ideal for individuals and businesses involved in construction and engineering projects, including contractors, architects, engineers, and project owners.
Engineering Insurance provides coverage for a range of projects, including construction of buildings, bridges, roads, airports, and power plants, as well as installation of machinery and equipment.
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