Insurance guarantee damage or loss due to material damage and liability to third parties during the development or at the time of installation , and damage or loss of machine or electronic equipment.
The types of engineering insurance divided two category, Engineering Insurance Projects and Non-Project:
1.There are two types of insurance (policy) for Engineering Project:
Insurance Construction (Contractor All Risks / CAR)
CAR insurance provides coverage for damage or loss insured objects during construction and implementation of development during the maintenance period. In addition, security is also provided for legal liability to third parties during the construction activities. Example: construction of roads, bridges, buildings, etc.
Insurance Installation (Erection All Risks Insurance / EAR)
EAR insurance provides coverage for damage or loss insured objects during construction and installation during the maintenance period. In addition, security is also provided for legal liability to third parties during the construction installation activities. Examples: installation of factory machine, installation of antennas, etc.
2.There are several types coverage for Non-Project Engineering:
Electronic Equipment Insurance (EEI)
EEI provides insurance coverage for damage or loss of electronic equipment due to the danger that comes from outside, such as short circuit, fire, etc. Example: insurance television studio equipment, CCTV, telecommunications equipment, etc.
Insurance Damage of Machine (MB)
MB Insurance provides coverage for damage or loss of the machines is broken or stopped operating due to damage to the machine. Example: insurance factory machines, refrigerator, etc.
Machine Loss of Profit (MLOP) Insurance
MLOP insurance provides coverage for loss of gross profit arising from the destruction of machines, refrigerator and other machines that are guaranteed under the Machine Breakdown insurance policy.
Boiler & Pressure Vessel Insurance
This insurance guarantee losses due to explosion of a boiler or a pressure vessel. Guarantee given include damage to the insured object, damage to the insured’s property, and legal responsibility to third party entities either injury or property damage.
Deterioration of Stock (D.O.S) Insurance
DOS insurance guarantee loss on goods decomposition in the room due to damage to the engine air cooling. To get this insurance claim insurance, then the cooler must be insured under the machine of breakdown policy.
Civil Engineering Completed Risk (CECR) Insurance
This insurance guarantee for civil work completed, such as bridges, dams, ports, and other civilian buildings. Guarantee given this policy include damage caused by fire, earthquakes, floods, landslides, hurricanes, etc..
Heavy Equipment Insurance (Contractor Plant and Machine / CPM)
CPM Insurance provides coverage for damage or loss on the heavy equipment used by the danger caused by collision, tumbled, theft, natural disasters, etc. Example: insurance for tractors, excavators, bulldozers, etc.
