What is Engineering Insurance?
Presently India is on a cusp of growth, which had led to many developmental & infrastructure projects being undertaken across the country. The infrastructure projects involve various stages & each stage is vulnerable to various kind of risks, in the event of accident and breakdowns, they can be potential sources of financial loss and could adversely impact business.
It is an insurance policy that enables financial protection for assets & revenues against various engineering-related risks. An Engineering Insurance policy serves as a shield against several risk associated with levelling work, excavation, structure erection, and operating any equipment, machinery, or plant.
The engineering industry is intimately involved with constructing and designing buildings and structures. Thus, it is prone to severe accidents and perils. Plainly put, an Engineering Insurance policy caters to different forms of uncertainties associated with on-site construction, including plant and machinery usage. In spite of proper precautions and maintenance of machinery, mishap or accidents may yet occur, which might impact the entire project with huge financial loss.