Engineering Insurance

INSURE YOUR PROJECT WITH ICARE ENGINEERING INSURANCE

Are you worried about financial losses caused by construction accidents? As per reports, India accounts for the highest rate of workplace accidents, with around 48000 annual deaths. To mitigate the risks, opt for iCare Engineering Insurance. This type of insurance mitigates financial risks associated with construction projects. Our all-risk insurance covers theft, damage, and even “misfortune” for personal belongings. Don’t let your projects stop due to sudden machinery downfalls with our machinery breakdown insurance. Under this, you offer financial security if your essential machinery malfunctions. Plus, our contractor’s All-Risk Insurance coverage will provide comprehensive protection for civil engineering projects. Equipment is an important part of the construction business; therefore, our Contractor’s Plant & Machinery Insurance safeguards construction equipment during various stages of operation.

Quick Guide to Engineering Insurance

Engineering insurance is a specialised branch of insurance that provides coverage for engineering projects, equipment, and machinery against various risks. It's essential because it mitigates financial risks, protects against losses, ensures legal compliance, and provides peace of mind for all stakeholders involved in construction and engineering projects.

Engineering insurance typically covers risks such as destruction, loss, theft, that occured   during construction, installation, operation, and maintenance. It can be tailored to cover specific risks like the contractor's all-risks, machinery breakdown, installation floater, and professional indemnity.

Some advantages include

  • risk mitigation for project failures or machinery issues
  • protection against property losses due to incidents or natural disasters, 
  • legal compliance with project requirements, 
  • peace of mind
  • financial stability through claim support, 
  • project continuity despite unplanned events, liability coverage for third-party claims, and flexible coverage tailored to project needs.

Common types include:

  • Plant all-risk insurance.
  • Machine breakdown policy.
  • Electronic equipment policy.
  • Contractor's all-risk cover.
  • Erection all-risk.
  • Boiler pressure plant insurance policy.
  • Advance loss of profit insurance policy.

Each policy offers specific coverage for different aspects of engineering projects, equipment, and operations.

Organisations should evaluate existing policies based on the following

  • Efficiency and relevancy,
  • Insurance keep up with industry standards and best practices, 
  • Companies must involve key leaders from various departments, 
  • It is necessary to ensure the policy is  flexible  and adaptable to change, 
  • Buy  policies that is transparent clear and accessible to all stakeholders
  • Buy policies that  incorporate risk management techniques to reduce project risks and ensure safety standards.



Other Services

At Icare Insurance, we ace the insurance industry catering to a varied range of insurance types.

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Commercial General Liability

Term Insurance

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PRODUCT-LIABILITY-1.jpg

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Employee Benefit Insurance

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