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Engineering Insurance
Engineering Insurance
The variety of existing engineering insurance policies and their complexity require consultation with experts in these domains.
Engineering Insurance Sectors:
- Mechanical Failure
- Loss of profits due to a mechanical failure
- Spoilage of goods due to mechanical failure
- Contract Works
- Construction Works
- Electronic Equipment
- Mechanical Engineering Equipment
Equipment intended for engineering insurance.
Industry Sectors:
- Machinery and Equipment
- Construction Sectors: Cranes and Construction Equipment
- Offices, hotels, hospitals, public institutions, supermarkets, cold storage units and workshops: elevators, HVAC systems, generators, boilers, etc.
- Agricultural Sectors: Controlled chicken coops, silos, etc.
- Condominiums: Elevators, HVAC systems, generators, boilers and swimming pools Engineering Insurance Features:
Engineering Insurance Features:
Insurance coverage is granted on an ‘All Risk’ basis.
The insurance is for accidental, random, sudden, unexpected damages.
Coverage is for direct damage only.
Consequential damages coverage must be purchased separately.
The insurance starts at the end of the run-in period.
In the event of a total loss, the salvage remains with the insured and its value is deducted from the compensation due to the insured.
Human error is insured in all sectors of engineering insurance.
Most policies include a manufacturer’s warranty clause.
Contract Works
Details of the coverages granted in the Contract Works Policy
Self-Harm
Damage that can be caused to the property during the course of work due to a sudden and unforeseen accident during the insurance coverage period.
Damages to a Third Party
An accidental, sudden and unforeseen event caused as a direct result of the insured’s performance of the project works and which caused damage to a third party.
(death, bodily injury, physical damage to the property of a third party)
Employers' Liability
Damage that may be caused to the employees of the insured contractor or to employees of subcontractors. The damage covered is physical injury or death due to an accident or illness that occurred during and as a result of work on the insured’s project.
Damage that may be caused to the employees of the insured contractor or to employees of subcontractors. The damage covered is physical injury or death due to an accident or illness that occurred during and as a result of work on the insured’s project.
Expanding the standard Contract Work Insurance Policy according to the project and contractor’s needs is a common practice.
Possible Extensions to Contract Work Insurance:
Natural disaster, flood, hail, rain
Earthquake damage
Temporary auxiliary structures on site
Special expenses
Goods in transit
Burglary and theft
Property where is being carried out.
Adjacent property
Facilities and light equipment
Debris removal following an insurance event.
Direct and indirect damage due to poor planning
Trembling and weakening of support.
Reimbursement claims from the National Insurance Institute
Damage to underground cables and pipes.
Heavy machinery that is not covered under the Compulsory Automobile Insurance
Mechanical Failure Insurance
This policy covers sudden and unexpected physical loss or damage to the insured’s property as described in the list or part of it, which requires repair or replacement, occurring while the insured’s property is on the insured’s premises as specified in the policy, arising from any reason that is not excluded in the policy
This policy allows insuring select machinery. Therefore, it is recommended to insure only machines without which operating the production line and/or maintaining regular business operations is deemed impossible.
Electronic Equipment Insurance
The Property insured under Electronic Equipment Insurance:
Electronic data processing equipment, information storage means, gear, and electronic instruments that are considered hardware only.
The coverage is in force when the property is on the insured’s premises or at other addresses specified in the policy, at work, at rest, or being dismantled for general cleaning or renovation, when the equipment is moved within the premises, or during re-establishment. No coverage of equipment is granted during the run-in period.
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Tel Aviv Branch
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Address:
26 HaMasger St., Tel Aviv -
Phone
077-8012345 -
Fax
03-6396299
Haifa Branch
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Address:
177 HaHistadrut Ave., Haifa -
Phone
077-8012300 -
Fax
04-8492525
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