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How Can an Engineering Insurance Cover Help Business Operations Run Smooth?

Engineering projects are complex and challenging undertakings that can involve risks and uncertainties. From machine breakdowns to unforeseen accidents, delays, and disruptions can happen at any time, potentially inflicting significant losses on businesses.

There are many types of engineering insurance policies that provide protection against a range of risks associated with the construction, installation, and operation of machinery and equipment. These policies can cover different types of machinery, from large industrial equipment to specialised tools and equipment.

Here’s a closer look at some of the covers that an engineering insurance policy must have.

Machinery Breakdown Insurance

Machinery breakdown insurance is designed to protect businesses from the financial losses that result from unexpected and sudden damage or malfunction of machinery. This policy covers a wide range of causes, including short circuits, bad workmanship, physical explosion, excessive speed, and lack of lubrication.

It can help businesses to recover quickly from a machinery breakdown, reducing downtime and minimising project delays. This policy covers the cost of repair or replacement of the damaged machinery, including labour costs and other associated expenses.

Plant and Machinery Insurance

Plant and machinery insurance provides coverage for the loss or damage to machinery and equipment used by contractors on a construction site. This policy covers a range of Accidental all-risk insurance factors for contractors, which include accidental damage, malicious Damage, Burglary, fire, and natural disasters.

This policy ensures that businesses can replace or repair damaged machinery quickly, reducing downtime and minimising project delays. Plant and machinery insurance policies typically cover the cost of replacement of the same kind and capacity, including freight, dues, customs duties, and the cost of erection.

Electronic Equipment Insurance

Electronic Equipment Insurance is a policy designed to provide coverage for computers and other electronic equipment. This applies whether the insured items are at work or at rest or being dismantled for the purpose of cleaning, overhauling or of being shifted within the premises, or in the course of the aforesaid operations. The cover is known as an “accident all risk” insurance policy, which covers the loss of the insured items which are due to sudden and unforeseen causes.

In short, insurance for engineering companies can help benefit in several ways. It often provides security in terms of mitigating project delays and other risky situations. There are a good deal of insurance policies which were designed to offer your business complete protection against all types of risks associated with Construction, related testing, related commissioning of machinery.

With Continental Insurance, you can find the ideal engineering insurance policies in Sri Lanka to suit your budget and requirements. We provide affordable, comprehensive insurance policies. Talk to one of our insurance representatives who will assist you with your insurance plan. For more information, reach out to us via our 24-hour hotline on 0115 200 200 or visit any of our branches for more information.