Our engineering insurance policy provides complete protection against risks associated with erection, resting and working of any machinery, plant or equipment.
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PLANT ALL RISK (PAR) INSURANCE
Plant All Risk (PAR) insurance covers the plant and machinery used by a contractor to facilitate the execution of a contract. Be it contractor all risk or an erection all risk project. In most cases, these plants work under extreme environmental conditions of e.g. dust, hard terrain, slippery or wet conditions etc. and are therefore exposed to severe wear and tear as well as highly hazardous working conditions.
ELECTRONIC EQUIPMENT POLICY
This policy is designed to cover any loss or damage that could result while any computer and or equipment insured is working or at rest. Then cover under this policy also extends to include loss or damage to external data media such as diskettes and tapes containing processed information while such are kept within the premises. Any increase in cost of working as a result of damage to the main computer equipment is also covered and compensation is provided for provision of alternative means of carrying on operation. With payment of an additional premium, this policy can be extended to cover the risk of theft.
MACHINERY BREAKDOWN POLICY
This policy is designed to cover any damage to a plant or equipment while working or at rest, or while being dismantled for the purpose of the cleaning, repairing or overhauling. In the same vein, boiler and pressure vessels can be covered under a separate but similar policy.
CONTRACTORS ALL RISKS (CAR)
This is one of the main forms of construction insurance that has been developed to meet the changing needs of the construction industry. When new buildings or civil engineering projects such as roads or bridges are being constructed, a great deal of money is invested before the work is finished. The essence of the cover is to bridge the gap when the building or bridge sustain severe damage and to prevent such loss or damage from prolonging the construction the schedule thereby delaying the eventual completion date.
ERECTION ALL RISKS (EAR)
This is the insurance cover provided for the construction/erection of machinery, plant & steel structures involving very little civil engineering works. There is a seeming similarity between the contractors All risk (CAR) and the erection all risks (EAR) but it worthy of note that they are not similar. While the CAR provides cover for civil works and mostly building needed to house or support the expensive machinery& equipment, the EAR covers the erection.
