Engineering insurance can describe any of several types of insurance policies. It can describe any type of insurance policy related to the erection of buildings and construction projects, including the building and operation of machinery. Construction projects and engineering often involve the use of heavy machinery and equipment that can pose a threat to the health of workers; insurance can protect engineering businesses from having to pay for such injuries if they occur.
Engineering and construction companies must typically carry general liability insurance to protect against possible injuries that might occur as a result of engineering work. For example, if an engineer goes to a work site and accidentally damages the client’s property or injures a worker employed by the client, general liability insurance could pay for costs that arise as the result of a lawsuit.
Other Casualty Lines
Errors and Omissions Insurance
Errors and omissions insurance protects engineers, architects and other professionals against malpractice. Malpractice is professional negligence that results in harm to a client. In essence, if a professional performs his job poorly and it hurts a client, malpractice insurance can cover any liability the professional faces. For example, if an engineer designs a building for a company and it turns out that design is flawed, errors and omissions insurance can pay for the engineer’s legal defense and for settlements awarded against him in lawsuits that may arise due to the flawed design. Since engineering requires precise calculations and every human can make mistakes, malpractice insurance is essential for engineers. Even experienced engineers can make miscalculations from time to time.
Comprehensive General Liability Insurance
Comprehensive General Liability Insurance provides protection against legal liability for bodily injury and property damage claims suffered by a third party arising out of an Insured’s business activities and products sold. Cover includes costs for legal defense, tenants and landlord’s liability, liability for property under care, custody and control. The policy can be extended to cover worldwide jurisdiction providing protection for exporters and overseas operations.
Product Liability Insurance
Protects the Insured’s legal liability for bodily injury and/or property damage to third parties arising from a defect in the products manufactured, distributed, or sold by the Insured after such product has ceased to be in the Insured’s control.
Money In Transit Insurance
The Money In Transit Insurance policy broadly covers loss of money in transit by the insured or insured’s authorized employee/s occasioned by:
- Robbery, theft or any other fortuitous cause;
- Burglary or housebreaking
- Robbery or Hold Up whilst money is retained at the Insured’s premises in safe.
Fidelity Guarantee Insurance
Fidelity Guarantee insurance, is a policy that indemnifies the employer against all direct pecuniary loss, the employer may sustain by any act of fraud or dishonesty committed by any insured employee. This scheme covers every possible angle, taking advantage of any potential weakness in your company’s financial controls.
For further questions on the above and other lines, please do not hesitate to contact us.