A lot like cyber insurance, "engineering insurance" could seem foreign to someone who isn't an expert in insurance, a subject matter expert, or a particularly adaptable individual.
The most popular kind of insurance that we are aware of in Nigeria are probably life insurance, health insurance, and automobile insurance.
The fact that Engineering Insurance caters to a certain niche may make it seem unusual in this region of the world. However, it is important to remember that there are insurance companies in Nigeria that give their services.
Let's examine how Engineering and Insurance work together in a dynamic, synergistic way. Grab a drink and some popcorn.
What is insurance for engineers?
Engineering-related incidents are covered by a subset of insurance called engineering insurance.
Designing, developing, constructing, and building are all fundamental to the engineering industry. Construction is a technological industry with a propensity for accidents and hazards associated with construction.
In other words, engineering insurance addresses the various types of uncertainties related to on-site building, including the use of machinery and plant.
Engineering Insurance Types
There are insurance companies that provide some or all of the engineering insurance coverages that we will later study.
1. All-Risk Plant Insurance
Remember how our definition of engineering insurance mentioned "machinery and plant usage"?
Simply defined, this insurance plan is designed to cover accidental damage to and loss of operational tools.
Due to exposure to harsh climatic conditions, operational machinery and construction equipment are prone to wear and tear.
Do you own or run engineering facilities and equipment? It could be a good idea to get "Plant All Risk Insurance" insurance.
2. Policy for Machine Failure
The Machine Breakdown Policy, as its name suggests, covers losses for abrupt or unexpected damage to equipment, particularly while it is still in use.
The Machine Breakdown Policy covers both internal and exterior damages. These internal harm possibilities include things like overheating, electrical damage, and lubrication flaws.
Do you have a factory or a refrigeration unit or units? The Machine Breakdown Policy may also be extremely helpful in safeguarding your assets.
3. Policy on Electronic Equipment
This policy frequently applies to equipment and systems that use low voltage and power.
Do you have any devices in mind? They do, indeed, include standard items like computers, UPS systems, stabilizers, and the like. The league does not discount medical equipment like x-ray and ultrasound scanners.
Therefore, the cost of replacement or repairs required to restore the condition of electronic devices and equipment will be borne by the insurer.
Contractor's All Risk Insurance
You were right to guess from the title and the description that it protects contractors from financial loss or damage sustained during construction projects.
Additionally, the Contractor's All Risk Cover offers protection against loss or damage to plants and equipment, just like the other types of engineering insurance we've discussed.
This strategy is consistent with our discussion of construction site uncertainties. Buildings, flyovers, airports, and similar civil engineering projects are special in this regard.
Did I also mention that fire incident that occurs while the building is still underway are covered by the "Contractor's All Risk Cover"? However, the Fire Insurance Policy covers this in large part.
5. Risk of Erection
The risk covered in this instance relates to the construction of machinery or plant structures. In addition, it involves machine testing, commissioning, and installation activities.
As we established at the beginning, the setting of the equipment we have been presenting is inclined toward engineering.
Excavators, bulldozers, graders, trenchers, loaders, tower cranes, pavers, and many other pieces of machinery serve as examples of on-site construction equipment.
Does this description seem to match what you do? Securing a "Erection All Risk" policy should be on your list of priorities.
Conclusion
Which engineering insurance policy catches your eye? Despite having similar traits, they each have a different objective in mind. Examine your requirements in relation to the main provisions of each Engineering Insurance policy.
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