All You Need to Know About iCare’s Engineering Insurance Policy

A. Plant All-Risk Insurance 

Plant All Risk Insurance covers damages to devices, equipment, and plant installations caused due to  technical failure, fire, theft, or any other unintended loss. 

Inclusions

• Destruction or damage to devices, equipment, and plant installations.
• Loss due to technical failure, fire, theft, and other unintended events.
• Costs associated with the repair or replacement of insured items.
• Temporary removal and reinstallation expenses.
• Coverage for surrounding property damage caused by insured events.

Exclusions 

• War, terrorism, and nuclear risks.
• Wear and tear, gradual deterioration, and inherent defects.
• Faulty design, faulty artistry, and faulty materials.
• Machine Breakdown Policy

B. Machinery Breakdown Policy

This insurance policy is a safety net that protects companies against unforeseen losses that may arise from a sudden breakdown in an engineering or technical plant. It encompasses the cost of either repair or replacement and also covers any incidental damages that may occur.

Inclusions

• Unforeseen losses that result from breakdowns in engineering or technical plants.
• Cost of repairing or replacing damaged machinery.
• Coverage for any additional expenses incurred during repair or replacement.
• Business interruption coverage for lost income during downtime.
• Damage caused by electrical or mechanical failures.

Exclusions

• Include pre-existing conditions or wear and tear.

• • Damage caused by intentional acts or negligence.
  • Losses due to lack of maintenance or improper use.
  • Damage caused by external factors is not covered under the policy.

C. Electronic Equipment Policy

• • The Electronic Equipment Policy is a policy that is intended to protect computer equipment, servers, and communication components against mechanical breakdowns, electrical hazards, and other potential hazards.

     Inclusions

• • Protection for computer equipment, servers, and communication components.
  • Coverage for mechanical breakdowns, electrical hazards, and other potential risks.
  • Replacement costs of electronic equipment.
  • Expenses for data recovery and restoration.
  • Coverage for business interruption losses due to electronic equipment failure.

      Exclusions

• • Damage caused by software viruses or hacking.
  • Losses due to intentional acts or employee misconduct.
  • Gradual deterioration.
  • Damage caused by natural disasters is not explicitly covered.

D. Contractor’s All-Risk Cover

• • The contractor’s all-risks insurance helps to compensate not only the contractor and the construction company if they suffer financial loss as a result of the damage to the construction project as a result of construction accidents but also covers  materials, equipment, and third-party property damages .  It extends protection to aligning  dangers  fire, theft, natural disasters, and accidental damages).

       Inclusion

• • Coverage for loss of materials, equipment, and third-party property.
  • Protection against risks during the construction phase, such as fire, theft, and natural disasters.
  •  Replacement costs of damaged property.
  •  Bodily injury liability coverage
  •  Property damage to third parties.

      Exclusions

• • Damage caused by faulty design, planning, or materials.
  • Losses due to errors in construction or workmanship
  • Damage caused by war, terrorism, or nuclear risks.

E. Erection All Risk

• • Erection All Risk insurance covers the installation, erection, and testing of the facilities, machinery, and buildings. It is there to safeguard a firm against the financial loss that it could sustain from accidents, damages, or theft during the construction period.

      Inclusions

• • Coverage for the installation, erection, and testing of facilities, machinery, and buildings.
  • Financial protection against accidents, damages, or theft during the construction period.
  • Repairing costs.
  • Third-party Liability coverage 
  • Coverage for temporary structures and equipment used during construction.

      Exclusions

• • Damage caused by faulty design, planning, or materials.
  • Losses due to errors in construction or artistry.
  • Gradual deterioration of property
  • Losses due to normal operational risks once construction is completed.
  • Negligence of the insured.

F. Boiler Pressure Plant Insurance Policy

• • This policy is intended to shield firms that engage in business such as boiler, pressure vessel, and other pressure plant operations. It will insure  against the risks of explosion, breakdown, or any unforeseen events that may be associated with the device’s operation.

       Inclusions

• • Protection for firms engaged in the boiler, pressure vessel, and other pressure plant operations.
  • Coverage for the risks of explosion, breakdown, or unforeseen events associated with device operation.
  • Costs related to the repair, replacement, or restoration of insured equipment.
  • Coverage for business interruption losses due to equipment failure.
  • Lawsuits by third parties.

      Exclusions

• • Natural deterioration.
  • Losses due to lack of maintenance or improper operation.
  • Damage caused by intentional acts or negligence.
  • Losses due to external factors not covered under the policy.

 G. Advance Loss of Profit Insurance Policy

• • Ultimately, an Advanced Loss of Profit Insurance Policy is a means to protect you against income loss caused due to the project delay from insured hazards. Such a measure is  taken to neutralise the lack of income caused during the loss season. 

      Inclusions

• • Financial protection against loss due to project delays insured hazards.
  • Compensation for a lack of income during the delay period.
  • Coverage for additional expenses incurred to mitigate the delay.
  • Covers for the lack of  profits that would have been earned if the project had proceeded as planned.
  • Liability coverage  for damages resulting from the delay.

     Exclusions

• • Delays caused by factors not covered under the policy.
  • Losses due to intentional acts or negligence.
  • Losses which  are not directly related to the accident 
  • Losses due to normal business risks unrelated to project delays.
  • Loss of profit or income not directly attributable to the insured delay.