Why do I need Engineering Insurance?
For any business that depends on functioning equipment to operate and maintain revenue, a breakdown could be devastating and this a huge concern for all engineering and manufacturing operators.
The threat of breakdown is increasingly prevalent because technologically advanced equipment tends to be sensitive and fragile. The smallest system update which can at times go wrong can easily mean your operations are non operational for a period of time and this is why we offer engineering risks policies. Our engineering risks policies are tailored to your business and the losses sustained continue to increase with the rise of just-in-time manufacturing, Internet marketing and improved supply chain management.
What is Engineering Insurance & Inspection?
An Engineering Inspection contract is for the inspection or thorough examination of plant and machinery only. Insurance cover is available for the inspected items of plant and machinery. Inspection is usually requested because there is a statutory requirement for many types of plant and machinery to be inspected at certain intervals, such as every 6 months or 12 months. However, an insured might also ask for other machinery to be inspected even if there is no statutory requirement.
Policies can cover the sudden and unforeseen damage and breakdown of equipment on either an individual item or blanket basis, including
- Breakdown from internal defects
- Explosion or collapse caused by internal steam or fluid pressure
- Accidental damage by extraneous cause
- Own Surrounding property damage caused by explosion or pressure plant
- Machinery re-siting within the insured’s situation
- All risks cover on equipment whilst temporarily removed for repair service overhaul or maintenance
- The cost of hire of replacement equipment following an insured loss up
- Increased costs for replacement of insured property
- Emergency services charges
- Debris removal costs