SPECIALISED INSURANCE
Want to Know a little about Engineering Insurance? Let us tell you.
Engineering Insurance covers risks associated with engineering projects and equipment, providing protection against damage, breakdowns, and liability. It includes various types such as contractor’s all risks, machinery breakdown, and professional indemnity insurance for engineers.
Comprehensive Engineering Insurance
When it comes to protecting your engineering assets, having comprehensive insurance is crucial. At XINIX, we provide a variety of customised solutions to meet the unique needs of the engineering industry. For example, if machinery in a factory breaks down, Engineering Insurance would cover the repair or replacement costs, minimizing financial losses for the business, offering peace of mind that you solely deserve.
Some of the covers available
Computer & Electronic Equipment
Deterioration of Stock
Dismantling Transit & Erection
Engineering Contract Works
Erection All Risk Insurance
Loss of Profits
Machinery Breakdown & Business Interruption
Plant All Risks
Renewal Energy
Single Project Construction
Construction Industry
Engineering Industry
Get in touch with us today to learn more about the insurance solutions and discover how you can protect your operations better.
Why not tell us what you would like to insure
As this is specialised insurance, we require some information that will allow for us to setup for a meeting and setup time to understand your requirements as each business is unique.
Reasons why you should deal with us
Expert Advise
Personalise Service
Call us, we're here
Insurance
Available Products
Advance Loss of Profits
This type of insurance may also be referred to as Contractors All Risks Loss of Profits, Delayed Earnings Insurance, Delay in Start-up, Loss of Rent, or Loss of Standing Charges (including debt servicing costs). It is a business income protection cover designed to compensate the principal for loss of gross profit resulting from delays in completing construction or erection works.
Machinery Breakdown
Provides protection against sudden and unforeseen physical loss or damage to machinery that is either operational or at rest. The policy covers internal breakdowns or malfunctions. Since machines have a limited lifespan due to wear and tear, machinery owners need to depreciate their machines annually and set aside reserves for replacement.
Contractors All Risks
The Contractors All Risks (CAR) insurance policy covers all types of building and civil engineering construction projects—from residential housing to commercial shopping centers and office blocks to infrastructure such as roads, bridges, dams, and water and sewage pipelines. It provides protection against various hazards that may threaten works under construction.
Electronic Equipment
Comprehensive protection for various types of electronic equipment, including entire Information Technology (IT) installations, telephone exchanges, cell phone networks, specialised electronic medical equipment, and electronic measuring devices.
The policy is all-encompassing, covering unforeseen accidental loss or damage.
Machinery Breakdown | Business Interruption
Covers the financial consequences of a machinery breakdown. The coverage is limited to the actual loss of gross profit sustained due to a loss covered under the policy and includes costs incurred in reducing the claim amount.
Plant All Risks
Plant All Risks (PAR) insurance or Contractors’ Plant and Machinery (CPM) insurance. Construction projects often require heavy, specialised machinery like tunnel boring machines, earthmoving equipment, cranes, pumps, and air compressors. While such equipment can be covered under Contractors All Risks policies through endorsements, these policies are typically limited to a single construction site.
Electronic Equipment | Business Interruption
Covers the financial consequences of an electronic equipment loss. Is limited to the actual loss of gross profit sustained due to a loss covered under an EEI policy and also includes costs incurred in reducing the claim amount.
Deterioration of Stock
Protects perishable goods stored in warehouse-type cold storage or controlled environment rooms. This policy is not intended for goods stored in retail stores.
Trusted insurance companies in SA
Browse FAQ Categories
Engineering
Engineering Insurance
Who needs engineering insurance?
What is contractor’s all risks (CAR) insurance?
CAR insurance covers damage to construction projects, including materials, equipment, and third-party liability during the construction phase.
What is erection all risks (EAR) insurance?
EAR insurance covers risks associated with the installation and erection of machinery, plant, and steel structures.
How does machinery breakdown insurance work?
Machinery breakdown insurance covers the cost of repairing or replacing machinery and equipment following a mechanical or electrical failure.
Are there specific policies for electronic equipment in engineering insurance?
Yes, electronic equipment insurance provides coverage for loss or damage to electronic devices and systems used in engineering projects.
What factors influence the cost of engineering insurance?
Factors include the type and size of the project, location, risk assessments, coverage limits, and the claims history of the insured.
How can engineering firms ensure they have adequate insurance coverage?
Firms should conduct regular risk assessments, review and update their policies, and consult with insurance experts to tailor coverage to their specific needs.
What are some common exclusions in engineering insurance policies?
Common exclusions include wear and tear, faulty design or materials, deliberate acts, and losses due to war or terrorism. Always review the policy details for specific exclusions.
Can engineering insurance policies be tailored to specific project needs?
Yes, policies can be customized to address the unique risks and requirements of different engineering projects and businesses.
What is civil engineering completed risks (CECR) insurance?
CECR insurance covers completed civil engineering projects against risks such as natural disasters, fire, and accidental damage.
How does delay in start-up (DSU) insurance benefit engineering projects?
DSU insurance compensates for financial losses due to delays in project completion caused by insured events like damage or loss of equipment.
What is engineering insurance?
Engineering insurance provides coverage for risks associated with construction, installation, and operation of engineering projects and equipment.
What types of engineering insurance are available?
Types include contractor’s all risks (CAR), erection all risks (EAR), machinery breakdown, electronic equipment, and civil engineering completed risks insurance.
Our Client Education Quizzes
Think you can out smart these questions?? Hmm, let’s see if you can?
Insurance 101
Insurance 201
Life Insurance 101
