Protect your Business Operations with Engineering Insurance
What Is Engineering Insurance?
Engineering Insurance is a type of insurance that offers financial protection against the various risks encountered during construction projects, installation endeavours, and the operation of machinery and equipment. It shields against potential financial setbacks arising from infrastructure projects such as road constructions, renovations, dams, canals, and pipe installations and risks like fire, accidents, collapse, floods, typhoons, and earthquakes, among others. The duration of an engineering insurance policy aligns with the project timeline, ensuring adequate protection throughout its course. your property has sustained due the accidental fire.
Why Choose SGI PHILIPPINES for Your Engineering Insurance Needs?
Buy Engineering Insurance from SGI Philippines and benefit from the following.
- Cost-Effective Policies: Get insurance at affordable costs without compromising on coverage.
- Extensive Coverage: Our range of policies offers coverage for various liability scenarios. Thus ensuring that you’re covered on all fronts.
- Quick Claims: Receive fast claim settlements to deal with the financial aspect of your losses.
- Claim Support: Receive dedicated support from our claims team throughout the claim journey.
Benefits of Buying Engineering Insurance
The following are the benefits of buying Engineering Insurance.
Financial protection
Financial protection of heavy machinery and equipment used in manufacturing and construction activities is provided.
Coverage
Coverage extends to even small electrical equipment such as computers.
Damages or losses
Damages or losses resulting from machinery failure, including internal defects, as well as third-party claims, are included.
Accidents
Accidents during the erection of machinery, plants, steel structures, and construction equipment are covered.
Protection
Protection against explosions or collapses of boilers and pressurised containers is included.
Loss of profits
Loss of profits due to machinery failure during installation or construction projects is also accounted for.
Why Do You Need Engineering Insurance?
Engineering Insurance is crucial for providing financial protection against damages and risks at construction sites, offering reimbursement for potential losses. It provides coverage for a wide range of perils and risks, including riots, explosions, floods, storms, burglary, mechanical breakdowns, and other damages. SGI Philippines collaborates with clients to ensure the availability of the right type and level of coverage to protect their businesses.
Types of Engineering Insurance
The following are the various types of Engineering Insurance we offer.
Contractors All Risk (CAR) Insurance
This policy provides coverage against unforeseen loss or damage to civil construction projects. It covers residential and commercial buildings, theatres, factories, warehouses, roads, bridges, dams, reservoirs, tunnels, oil and gas pipelines, water and sewage disposal works, as well as airports and flyovers.
Erection All Risk Insurance
Erection All Risk insurance covers the risk associated with the erection and installation of machinery and equipment. It is designed to provide coverage for all risks, except those specifically excluded, during storage, erection, testing, and commissioning. The cover includes physical damage to the equipment and liability for third-party bodily injury or other property damage arising from these operations.
Electronic Equipment Insurance
This policy offers coverage for computers, low-voltage equipment, and other electronic devices against the risk of damage. It encompasses a wide range of electronic equipment including personal computers, microprocessors, telecommunication equipment, audio-visual equipment, and sophisticated gadgetry.
Machinery Breakdown Insurance
Machinery Breakdown Insurance provides coverage for machinery and equipment against unforeseen and sudden physical loss due to accidental, mechanical, and electrical breakdowns.
How To Buy Engineering Insurance
Engineering Insurance for buildings and civil engineering projects during construction can be complex and quite challenging. Contact a reputable insurance company like SGI Philippines and we can guide and make it easy for you to get the engineering insurance that suits you.
How to File an Engineering Insurance Claim at SGI PHILIPPINES ?
Filing a claim with Sgi Philippines is very easy. In these instances, contact SGI Philippines Claims Department and we will guide you, step by step on how to file and process your marine insurance claim.
How to Download Your Engineering Insurance Policy Copy
Upon purchase of an Engineering Policy Insurance with SGI Philippines, after receipt of your payment, a PDF File of the policy will be sent to your designated email address, and you can already download or print your policy, according to your preference.
Add-ons in Engineering Insurance
- Airfreight
- Breakage of Glass
- Additional Customs Duty
- Escalation
- Cross Liability
- Third Party Liability
- Terrorism
Documents Required for Filing an Engineering Insurance Claim
- Submit Notice of Claim
- Affidavit on the Circumstance of Loss/ Fire or Police Certification Report
- Proof of Loss
- Proof of Insurable Interest
- Details on extent of loss
How to Choose the Right Engineering Insurance Policy
When selecting the right engineering insurance policy, consider the following tips.
Assess Your Risks
Audit the nature of your projects, machinery, and equipment used to identify potential risks and vulnerabilities. This will give you an idea of the scope of coverage you will require from an Engineering Insurance Policy.
Understand Coverage Options
Familiarise yourself with the various engineering insurance policies available, such as Contractors All Risk (CAR) Insurance, Erection All Risk Insurance, Electronic Equipment Insurance, and Machinery Breakdown Insurance. Understand the specific coverage and exclusions of each policy.
Risk Exclusions
Pay close attention to the exclusions listed in each policy. Ensure that the policy you choose aligns with the specific risks and perils relevant to your projects and equipment. And any exclusions are acceptable within the context of your operations.
Customisation
Look for insurers that offer customisable policies to tailor coverage based on your unique requirements. This might include specific protection for specialised machinery or equipment, project-specific liabilities, and additional coverage for any unique risks associated with your operations.
Financial Strength of Insurer
Choose an insurance provider with a strong financial standing and a track record of reliability in the engineering insurance sector, like SGI Philippines. This will ensure their ability to fulfil claims and provide support when needed.
Claims Process
Understand the claims process of the insurance provider. Look for insurers with an efficient and responsive claims process, like SGI Philippines. This will ensure timely support in the event of a loss or damage.
Collapse Fire and Allied perils Earthquake, shock Typhoon and Flood Water damage
Gradual Deterioration/ Normal wear and tear Damage due to faulty designs Consequential losses Willful negligence Inventory Losses Loss or damage to files, bills , drawings, notes, currencies and deeds
Engineering Insurance Terms Explained
Sum Insured
It is the financial compensation that the insurance company will pay to the insured at the time of a claim.
Contractors All Risk (CAR) Insurance
This is a type of Engineering Insurance policy that provides coverage against accident-caused loss or damage to civil construction projects.
Erection All Risk Insurance
This is a type of Engineering Insurance that covers the risk involved in erecting or installing equipment/machinery.
Machinery Breakdown Insurance
It is a type of Engineering Insurance that covers damages to equipment/machinery resulting from mechanical or electrical causes.
Benefits of Buying Engineering Insurance
The following are the benefits of buying Engineering Insurance.
Financial protection
Financial protection of heavy machinery and equipment used in manufacturing and construction activities is provided.
Coverage
Coverage extends to even small electrical equipment such as computers.
Damages or losses
Damages or losses resulting from machinery failure, including internal defects, as well as third-party claims, are included.
Accidents
Accidents during the erection of machinery, plants, steel structures, and construction equipment are covered.
Protection
Protection against explosions or collapses of boilers and pressurised containers is included.
Loss of profits
Loss of profits due to machinery failure during installation or construction projects is also accounted for.
How To Buy Engineering Insurance
Engineering Insurance for buildings and civil engineering projects during construction can be complex and quite challenging. Contact a reputable insurance company like SGI Philippines and we can guide and make it easy for you to get the engineering insurance that suits you.
How to File an Engineering Insurance Claim at SGI PHILIPPINES?
Filing a claim with Sgi Philippines is very easy. In these instances, contact SGI Philippines Claims Department and we will guide you, step by step on how to file and process your marine insurance claim.
How to Download Your Engineering Insurance Policy Copy
Upon purchase of an Engineering Policy Insurance with SGI Philippines, after receipt of your payment, a PDF File of the policy will be sent to your designated email address, and you can already download or print your policy, according to your preference.
Add-ons in Engineering Insurance
- Airfreight
- Breakage of Glass
- Additional Customs Duty
- Escalation
- Cross Liability
- Third Party Liability
- Terrorism
Documents Required for Filing an Engineering Insurance Claim
- Submit Notice of Claim
- Affidavit on the Circumstance of Loss/ Fire or Police Certification Report
- Proof of Loss
- Proof of Insurable Interest
- Details on extent of loss
How To Buy Engineering Insurance
Engineering Insurance for buildings and civil engineering projects during construction can be complex and quite challenging. Contact a reputable insurance company like SGI Philippines and we can guide and make it easy for you to get the engineering insurance that suits you.
How to File an Engineering Insurance Claim at SGI PHILIPPINES ?
Filing a claim with Sgi Philippines is very easy. In these instances, contact SGI Philippines Claims Department and we will guide you, step by step on how to file and process your marine insurance claim.
How to Download Your Engineering Insurance Policy Copy
Upon purchase of an Engineering Policy Insurance with SGI Philippines, after receipt of your payment, a PDF File of the policy will be sent to your designated email address, and you can already download or print your policy, according to your preference.
Add-ons in Engineering Insurance
- Airfreight
- Breakage of Glass
- Additional Customs Duty
- Escalation
- Cross Liability
- Third Party Liability
- Terrorism
Engineering Insurance Terms Explained
Sum Insured
It is the financial compensation that the insurance company will pay to the insured at the time of a claim.
Contractors All Risk (CAR) Insurance
This is a type of Engineering Insurance policy that provides coverage against accident-caused loss or damage to civil construction projects.
Erection All Risk Insurance
This is a type of Engineering Insurance that covers the risk involved in erecting or installing equipment/machinery.
Machinery Breakdown Insurance
It is a type of Engineering Insurance that covers damages to equipment/machinery resulting from mechanical or electrical causes.
Low- cost premiums with minimal documentation requirements
Personalized insurance programs and customer handling for your unique requirements
Enhanced coverages and comprehensive protection
Fast settlement of claims
Access to 24*7 claim service support