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Basics of Engineering Insurance - General Insurance (Miscellaneous Insurance)

Engineering Insurance forms part of the miscellaneous branch of insurance in the Indian insurance market. 

In India there is no insurance company dealing only in Engineering Insurance Business, but each of the General Insurance Companies has Engineering Department to look after development, marketing, administration and  conduct of the business.

Each company is equipped with a team of qualified, trained and experienced engineers to actively support underwriting philosophy of the company with a sound technical base.

Classes of Engineering Insurance :- various insurance policies issued by Indian insurance companies in the Engineering department can be classified into the following groups.
  • Construction Phase Insurance :- These policies are normally "Period" or "One Time" policies, i.e. they are issued for the period of  the project. Like..Contractor's All Risks (CAR) Insurance, Erection All Risks (EAR) Insurance also known as storage-cum-erection(SCE) insurance, Marine cum Erection (MCE) insurance, Contract Works (CW) insurance, Contractor's Plant & Machinery Insurance, Advance Loss of Profits (ALOP) or Delay in Start-Up (DSU) insurance.  
  • Operational Phase Insurance :- The Operational phase insurances are "annual" policies renewable at each anniversary. Policies combining both Construction and Operation Phase interests are presently not allowed. Operation Policies are..Machinery Insurance (MI) also knows as Machinery Breakdown (MB or MBD) Insurance, Boiler and Pressure Plant Insurance (BPP), Electronic Equipment Insurance (EEI), Deterioration of Stocks Insurance (DOS), Civil Engineering Completed Risks (CECR) Insurance, Machinery Loss of Profit (following Machinery Breakdown and/or Boiler Explosion) insurance. (MLOP). 
Principles applicable to engineering insurance :- The following basic principles of General Insurance equally apply to all classes of Engineering Insurance business..
  • Utmost Good Faith
  • Insurable Interest
  • Indemnity 
  •  Subrogation and Contribution
  • Proximate Cause

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