Business insurance engineer
Engineering insurance is coverage designed specifically for construction projects, machinery installation, and machinery operation. This is because engineering projects are generally higher-risk and more complex than typical building projects. To give you an overview, I’ve divided the most popular types of insurance into four main groups:1. Contractors’ All Risks (CAR) Insurance
Provides coverage for construction projects of buildings, roads, bridges, or dams, from the start of piling to project handover.- Protect the workplace: If a building under construction collapses due to a storm, fire, or a site error.
- Liability to third parties: If something falls on a neighbor’s house or a crane collapses onto a passing car.
2. Erection All Risks (EAR) Insurance
The focus is on installing large machinery in factories or laying out power transmission systems.- Coverage: This covers everything from unloading machinery from trucks and assembly to testing and commissioning, which is the highest-risk phase.
3. Machinery Breakdown Insurance (MB)
Suitable for machinery that is already installed and in operation.- Protected: Damage “from within,” such as a burnt-out motor, broken gears, or human error that is not normal wear and tear.
4. Electronic Equipment Insurance (EEI)
Focus on highly sensitive equipment such as server systems, medical instruments (MRI/X-ray), or laboratory control equipment.- Protected: This covers damages from accidents, natural disasters, and in some cases, data damage.