Insuring the future of Your Engineering Marvel
Constructions or installations of buildings, machinery and equipment in any category of project has its own associated risks. These risks could be related to the faults in machines used, components in larger equipment and overall project reliability. With the sheer number of projects cropping up almost every other day, contractors have to be ready for an increasing amount of risk from all undertaken projects at any given time. Engineering insurance provides a viable solution to such risks and ensures the work goes on unhampered despite any unforeseen contingencies.
What is Engineering Insurance?
Insurance provided by public or private insurers that safeguard the risks faced by any ongoing construction project, installation project and machines and equipment in the project operation is basically known as engineering insurance. Typically, the insurance period for the project lasts till the construction period. Depending upon the project that the insurance is supposed to provide a risk cover for, it can be either a construction project all risks insurance or installation project all risks insurance. Furthermore, depending on the characteristics of the object involved in the project, it could either be project all risks insurance or machinery breakdown insurance. Many insurance companies have a tendency to further categorise engineering insurance as per the needs of any project. Some of such common categories are as follows –
- Advance Loss of Profits Insurance
- Boiler & Pressure Vessels Insurance
- Contractor’s All Risks Insurance
- Contractors Plant and Machinery Insurance
- Deterioration of Stocks Insurance
- Electronic Equipment Insurance
- Erection All Risks Insurance
- Machinery Breakdown Insurance
- Machinery Loss of Profits Insurance
Benefits of Engineering Insurance
Engineering insurance is a comprehensive insurance that provides safety for work and continuation of the project despite any technical exigency. Thus, one can save on precious time and effort that would have been otherwise spent on covering losses and faults due to equipment and machinery.
Undertaking any major project in the UAE is a profitable venture due to the flourishing economy. But at the same time, one must not ignore the fact that multiple risks are associated with such a venture. Apart from investment risks and personnel risks, the equipment or machinery in use is subject to wear and tear as well as faulty workmanship. That could lead to serious issues of extended downtime in a project. In order to ensure that the project runs smoothly without any hiccups, it is advisable to consider one or multiple forms of engineering insurance that would provide appropriate risk covers for elements of your project that are the most critical factors as per you.