ENGINEERING LIABILITY
Engineering insurance refers to the insurance that provides economic safeguard to
the risks faced by the ongoing construction project, installation project, and machines
and equipment in project operation. Product categories: Depending on the project,
it can be divided into construction project all risks insurance and installation
project all risks insurance; depending on the attribute of the object, it can be
divided into project all risks insurance, and machinery breakdown insurance.
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Engineering insurance refers to the insurance that provides economic safeguard to
the risks faced by the ongoing construction project, installation project, and machines
and equipment in project operation. Product categories: Depending on the project,
it can be divided into construction project all risks insurance and installation
project all risks insurance; depending on the attribute of the object, it can be
divided into project all risks insurance, and machinery breakdown insurance.
Engineering All Risk Insurance (EAR Insurance) has been made in relation to projects
for construction. The policies of the EAR have been designed in such a way so that
it covers the risk of loss attributable from the installation and erection of plant
and steel structures, equipment and machinery. It also covers the liability of bodily
injury to third parties and damage to property caused while undergoing the operations
stated above. An optional coverage can be the coverage for start-up delay costs.
ENGINEERING LIABILITY Policy Coverage
1. Material loss :
the insured project loss caused by any accidents or natural disasters except the
exclusions.
2. The third party liability :
according to law, the insured shall assume the compensation liability for the personal
injury or property damage to the third party in construction sites and adjacent
areas caused by the accident that directly relates to the insured project.