Times have changed, businesses are evolving more rapidly, and industries are becoming more responsive to market dynamics including global forces, risks and opportunities.
Construction and engineering sector is certainly not exempted as these industries are important for several reasons. Apart from being a highly specialized sector, it remains a significant economic contributor despite fluctuations, challenges and slowdowns that have impacted it in recent years.
From a risk mitigation point of view, it is important to note that there are various risk and liability concerns that are specific to it. In a nutshell, engineering insurance refers to essential cover which affords economic safeguard against risks encountered during contract implementation and execution. At Tokio Marine, we offer variety of engineering and construction related insurance types and risks associated with the following products.
The basic concept is to offer comprehensive and adequate protection against loss or damage in respect of contract works such as construction, fit out, installation, including plant and equipment and or construction machinery. Cover is extended against third party claims in respect of property damage or bodily injury arising in connection with the execution of a building contract.
This is an insurance of contractor’s plant and machinery on an annual basis. It covers any loss or damage from any cause whatsoever occurring at work, at rest or during maintenance operations and is not limited to a specific construction site, including third party liability coverage.
This this a comprehensive and adequate protection against all the risks involved in the erection of machinery, plant and steel structures of any kind as well as third party claims in respect of property damage or bodily injury arising in connection with the execution of an erection project.
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