Engineering Insurance- Al Buhaira Insurance

Insured Risks include:

Erection All Risks

This area of Engineering Insurance offers comprehensive and adequate protection against all the risks involved in the erection, testing and commissioning of;

Erection All Risks provide protection against losses arising from unforeseen and sudden physical loss or damage occurring during erection and testing from whatever cause not specifically excluded under the policy.

Contractor’s Plant and Machinery

This insurance provides insurance protection against any loss or damage of your Construction Plant, Equipment & Machinery whether it is working on the site at rest or during maintenance operations and is not limited to a specific construction site and cover for the annual basis.

Some of the Insured items are listed here which can be covered under this policy;

Each & every item must be declared for insurance with the current new replacement value, including all installation costs and customs duties.

Machinery Breakdown

Machinery Insurance provides protection for industrial enterprises using large units or fully automated production plants and for medium-sized and small enterprises where machinery failure may have serious financial and economic consequences.

Plant and machinery are exposed daily to operational hazards, be it failure or malfunction of safety devices, faulty material, short circuit or even negligence of employees.

Insured Items include

With increasingly sophisticated machinery and longer delivery periods from makers, any such interruption is a cause of great concern to the owners, in this situation the consequential loss policy cover loss of business following accidents as insured under Machinery Breakdown Insurance Policy including increase in cost of working.

Insured Risks

1. Gross Profit: It covers loss of Gross Profit following an accident to the insured machinery which is covered under the Machinery Breakdown Insurance Policy.
2. Fixed Standing Charges: It covers loss of Gross Profit following an accident to the insured machinery which is covered under the Machinery Breakdown Insurance Policy.
3. Increase Cost of Working: It covers loss of Gross Profit following an accident to the insured machinery which is covered under the Machinery Breakdown Insurance Policy.

Electronic Equipment

Electronic Equipment Insurance gives the widest possible cover appropriate for the exposure of electronic equipment to everyday operational hazard as well as catastrophic losses.

This is an “accidental” insurance on an “all risks” basis covering sudden and unforeseen losses which materially affect the subject matter insured. Losses due to the following causes give rise to the vast majority of all claims.

Boiler and Pressure Plant

The Boiler and Pressure Vessel Insurance Policy provide coverage against an explosion of any boiler or pressure vessel insured whilst in the course of ordinary work.

Insured Risks

Deterioration of stock

This policy will compensate any loss or damage to perishable goods (e.g.: food items such as fish, shrimp, meat etc.) kept in cold storage which deteriorate due to any unforeseen and sudden physical loss of or damage to the machinery specified in the list of machinery and which can be indemnified under the machinery breakdown policy in force. Therefore the precondition to obtaining this insurance is that the cold storage facility in which the perishable goods are to be kept should be insured under a Machinery Breakdown Policy.

Engineering Insurance Products

Engineering insurance is a type of insurance that provides financial protection to individuals and businesses against risks associated with construction and engineering projects in the UAE. Engineering insurance can be purchased by contractors, builders, architects, engineers, and other professionals involved in the construction industry to protect their projects from risks such as accidents, equipment breakdowns, and unforeseen events that can result in financial losses.

There are several types of engineering insurance available in the UAE, including:

1. Contractors All Risk (CAR) insurance: This type of insurance covers physical damage to the construction site and materials, as well as liability for injury or damage to third parties. CAR insurance typically covers risks such as fire, flood, theft, and accidental damage.
2. Erection All Risk (EAR) insurance: This type of insurance covers damage to equipment and machinery during installation or assembly. EAR insurance typically covers risks such as accidental damage, fire, and theft.
3. Machinery Breakdown insurance: This type of insurance covers damage or breakdown of machinery and equipment used in construction or manufacturing. Machinery breakdown insurance typically covers risks such as electrical or mechanical breakdown, human error, and power surges.
4. Professional Indemnity insurance: This type of insurance covers legal liability for damages resulting from professional negligence or errors in design, construction, or engineering. Professional indemnity insurance typically covers risks such as design errors, omissions, and professional misconduct.
5. Delay in Start-up (DSU) insurance: This type of insurance covers financial losses resulting from delays in the start of a project due to unexpected events, such as equipment breakdowns or natural disasters. DSU insurance typically covers additional costs associated with delays, such as additional labor costs and lost revenue.

When purchasing engineering insurance in the UAE, it is important to consider factors such as the type of project, the value of the construction or engineering work, the level of risk involved, and the potential financial impact of unexpected events. It is also important to choose a reputable insurer with a good track record of paying claims and to carefully review the terms and conditions of the policy to ensure that it provides the necessary coverage for your specific needs.

In summary, engineering insurance provides financial protection for individuals and businesses involved in construction and engineering projects in the UAE, covering risks such as accidents, equipment breakdowns, and unforeseen events. There are several types of engineering insurance available, including Contractors All Risk, Erection All Risk, Machinery Breakdown, Professional Indemnity, and Delay in Start-up insurance, and it is important to carefully consider the specific needs of your project when choosing an insurance policy.

Frequently Asked Questions