Contractors’ plant and machinery
Contractors’ plant and machinery
Reliable cover for your plant and machinery
Wider Coverage
Covers a wide range of machinery
Customisation
Offers multiple engineering insurance plans
Extensive Coverage
To safeguard industrial projects
Seamless Processes
Extends simple and hassle-free purchaseSafeguard your Business with Tailored Engineering Insurance Solutions
Construction companies, contractors, machinery owners, and other stakeholders involved in any form of engineering business operations face a wide range of potential risks. This ranges from accidental damages and natural calamities to fire, man-made disasters, and more.
Whether it is related to a construction project or the use of heavy machinery, such risks can lead to substantial financial losses due to the high level of investment involved.
For instance, the cost of a heavy-duty machinery like a crane can range from around ₹36,000 to ₹1.72 crores. Construction projects, as such, involve significant expenses, with commercial building costs ranging from ₹1,200 to ₹3,500 per sqft.
Equipment installations also come with high investments. For example, the average installation cost of a 3kW solar panel system for a home ranges between ₹1,89,000 and ₹2,15,000.
Engineering insurance is designed to protect businesses against unexpected losses and help them stay on track with their goals.
TATA AIG offers exclusive engineering insurance policy options that cover specific risks, making it easier to protect exactly what matters most to your business.
What is Engineering Insurance?
Engineering insurance refers to a bundle of insurance plans that cover financial losses arising from the following reasons:
- Physical loss or damage to plant and machinery used at construction sites.
- Incidents that may impact an entire construction project.
- Loss or damage occurring during the erection or installation of equipment or machinery.
- From natural disasters and location-specific risks to third-party liabilities, it safeguards businesses against a broad spectrum of risks.
The engineering insurance policy can also be customised to suit specific business needs with flexible features, such as the sum insured, policy tenure, and optional add-ons.
Why is Engineering Insurance Important?
Financial Protection against Damage during Construction, Installation, or Operation
Damage to machinery in engineering projects or permanent/ temporary construction works can lead to significant financial losses. Insurance for engineers or contractors provides adequate coverage to safeguard against such losses.
Covers Repair and Replacement Costs
Physical loss or damage to heavy machinery often leads to high repair or replacement expenses. An engineering policy helps cover these material damage costs.
Protection against a Wide Range of Unexpected Risks
Engineering projects are exposed to several unforeseen risks, such as fire, natural disasters, and machinery failures at the location. An engineering insurance policy covers multiple risks specific to the business operations.
Compliance with Contractual Agreements
Contractors may be held responsible for damages to machinery or construction works as per their contracts. Engineering insurance helps in covering these liabilities to meet the agreement requirements.
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