Engineering Insurance
Engineering insurance provides coverage for various risks associated with construction and engineering projects. It protects against financial losses arising from unforeseen events such as construction delays, damage to equipment, and liability claims during the project lifecycle. This insurance is essential for contractors, engineers, and project owners to mitigate risks and ensure the successful completion of projects.
Engineering Insurance Policies
We provide a range of comprehensive engineering insurance options, designed to protect your projects and equipment. Customize your policy to suit the specific needs of your engineering endeavors, ensuring tailored coverage that safeguards against risks unique to your industry.
Boiler & Pressure Plant Insurance
This policy affords owners of the boiler/ pressure plant protection against
- Damage to the boilers and/or pressure vessels
- Damage to the surrounding property of the insured
- Liability of the insured by law to any third party on account of death or bodily injury
- Damage to property (not held in trust or commission) caused by and solely due to explosion or collapse occurring in the course of ordinary working.
Electronic Equipment Insurance
This policy covers owners and financiers against unforeseen and sudden physical loss or damage from fire and allied perils, breakdown and short-circuiting to equipment such as Computers, Medical, Bio-Medical, Micro Processors and Audio-visual equipment.
LOP following Machinery Breakdown/BPI/EEQ
The policy indemnifies the insured for loss of profits and/or additional expenses incurred following the loss or damage to the insured machinery caused by an insured peril.
Thermal Risks and Machinery Loss of Profit
This policy covers the continuing business expenses (standing charges), salaries and wages arising from Thermal Risks affecting the Machinery and Equipment of the insured. It may be extended to cover the net profit and increase in working costs. This list is not exhaustive, Whatever your needs are, let us help you today.
Construction Policies
This insurance policy provides cover against any unforeseen or sudden physical damage to the insured’s property, whether at work or at rest, in the process of being dismantled for cleaning or overhauling, being shifted within the premises or in the process of being re-erected.
Contractors All Risk Insurance
Provides cover for contract works, materials or any part thereof that shall suffer any unforeseen and sudden physical loss or damage from any cause. The policy can also be extended to cover other costs such as clearance of debris, Professional fees and more subsequent to the event giving rise to the claim. Vanguard Assurance Contractors All Risks Policy also provides:
- Third-Party Liability Cover: This indemnifies the insured against all such sums which the insured shall become legally liable to pay as damages arising out of accidental bodily injury to or illness of third parties, whether fatal or not;
- Accidental loss or damage to property belonging to third parties, occurring in direct connection with the contract and happening on or in the immediate vicinity of the site during the period of insurance.
Erection All Risk Insurance
This Insurance cover caters for the risks associated with the construction/erection of machinery, plant and steel structures involving minimal civil engineering works. There is a seeming similarity between the Contractors All Risk (CAR) and the Erection All Risk (EAR), but they are not similar. While the CAR covers for civil works and mostly structures needed to house or support a project’s expensive machinery and equipment, the EAR policy covers the erection of such Plant and Machinery.
Civil Engineering Completed Risk
This Insurance cover caters for the risks associated with the construction/erection of machinery, plant and steel structures involving minimal civil engineering works. There is a seeming similarity between the Contractors All Risk (CAR) and the Erection All Risk (EAR), but they are not similar. While the CAR covers for civil works and mostly structures needed to house or support a project’s expensive machinery and equipment, the EAR policy covers the erection of such Plant and Machinery.
- Fire, lightning, explosion, impact of landborne or waterborne vehicles
- Impact of aircraft and other aerial devices or articles dropped.
- Earthquakes, volcanic eruptions, tsunamis
- Storms (air movements stronger than grade 8 on the Beaufort Scale)
- Floods or inundations, wave action or water
- Subsidence, landslides, rockslides, or any other earth movement
- Vandalism of individual persons
Engineering Insurance today call +233 302 213 940 or WhatsApp +233 244 334 407.
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