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Commercial Insurance
Engineering Insurance
Key Features
From Concept to Completion, We've Got You Covered
Coverage Highlights
Get Comprehensive coverage for your engineering projects
Comprehensive Coverage
Provides comprehensive coverage for ongoing projects and projects under development, including physical damage to projects and machinery, third-party liability, machinery breakdowns, natural disasters, and professional indemnity for errors or negligence
Financial Protection for Enterprises
Engineering insurance protects enterprises from financial losses due to project damage, liability, machinery breakdowns, and natural disasters
Wide Range of Options
Multiple policy options to choose from as per your unique needs of each project
Types of Engineering Insurance Policies
Choose the policy best suited for your Project's unique requirementsErection All Risk (EAR) Insurance
This type of insurance is designed for large, complex projects such as the construction of power plants, bridges, and industrial facilities wherein the civil work is relatively less. It covers a wide range of risks, including damage to materials, equipment, and injury to workers during the erection phase
Construction All Risk (CAR) Insurance
CAR insurance is tailor-made for construction projects wherein the majority of work is civil, covering risks like damage to property, machinery, and injury to workers. It provides a comprehensive solution to safeguard construction sites from unforeseen events
Contractors' Plant and Machinery (CPM) Insurance
This insurance specifically focuses on protecting the machinery and equipment used by contractors like excavators, bulldozers, concrete mixers, pile rigs and like machineries used in construction projects. It covers damage, theft, and other perils that can affect these crucial assets
Civil Engineering Completed Risks
Provides coverage for infrastructural assets like roads, bridges, tunnels, and ports against physical damage from events such as fire, floods, storms, earthquakes, and accidents. It ensures businesses are protected from significant financial losses due to damage to completed civil engineering projects
Many more
Other Engineering Insurance policies such as Boiler & pressure plant, Machinery Breakdown Insurance, Machinery Loss of Profit Insurance compliment the above policies
Engineering Insurance
COMPREHENSIVE COVERAGE FOR YOU
BestSeller
Erection All Risk
- Protection from natural disasters
- Cover during testing, commissioning
- Coverage for storage on-site
BestSeller
Construction All Risk
- Tailor-made for civil projects
- Coverage for construction work
- Liability cover for property damage
BestSeller
Contractors Plant & Machinery
- Accidental damage to machinery
- Fire, explosion & lightning damage
- Theft, burglary of equipments
Affordable Engineering Insurance for Everyone
Why Bajaj Allianz?
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Download Policy Document
Get instant access to your policy details with a single click.
Trusted Risk Advisor
Mobile Self Risk Assessment
PRIME Inspection app helps to evaluate quality of your property (Shop, Office, Plant or Others) having SI upto INR 50 crs. It is simple to navigate having multiple Q & A designed for client
Instant Generation of Risk Report
It helps Provide Risk Recommendations, Risk Quality Rating (RQR), Peer Comparison & GAP Analysis for the client
Frequently Bought Together
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Step-by-Step Guide
To help you navigate your insurance journey
How to Buy
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Visit the Bajaj Allianz General Insurance website
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1
Fill in the lead generation form with accurate details
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Get quote, make payment and receive the policy documents
How to Renew
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Contact the Policy Issuing Office
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Review expiring policy and share necessary details
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Receive renewal quote
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Make renewal payment
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Receive the renewed policy documents via email
How to Claim
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Contact us through our customer service touchpoints
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Submit the claim form along with the necessary documents
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Provide details of the incident and any supporting evidence
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Cooperate with the claims investigation process
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Receive the claim settlement as per the policy terms
Know More
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For any further queries, please reach out to us
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Toll Free : For Sales :1800-209-0144
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Email ID: bagichelp@bajajallianz.co.in
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What Our Customers Say
Hassle-Free Policy Issuance
I recently purchased an Engineering Insurance policy from Bajaj Allianz for my construction business. The entire process was seamless, and the documentation was minimal.
Rohit Mehta
Mumbai
10th Dec 2024
Comprehensive Coverage
The policy covers everything from contractor risks to equipment breakdowns. This is exactly what my business needed to stay protected from unexpected damages.
Sandeep Yadav
Delhi
11th Jul 2023
Excellent Customer Support
I had a lot of queries before purchasing the policy, and the customer support team patiently explained every detail. Their guidance made it easy for me to choose the right plan.
Karthik Iyer
Chennai
25th Sep 2024
Quick and Transparent Claims
My firm suffered damage to some expensive machinery, and Bajaj Allianz settled my claim in record time. The process was smooth, with no hidden conditions.
Vikram Rajput
Ahmedabad
17th Aug 2024
Ideal for Contractors
As a contractor, I needed insurance that covers accidental damages at the project site. This policy gives me peace of mind, knowing my business is secure.
Manish Verma
Pune
26th Jul 2024
Great for Infrastructure Projects
I work in infrastructure development, and this insurance has been a lifesaver. It provides extensive coverage for machinery, third-party liabilities, and worksite accidents."
Preeti Nair
Bengaluru
18th Apr 2024
Covers Third-Party Liability
What impressed me the most is that this policy also includes third-party liability, which is crucial in my line of work. This helps prevent financial losses due to unexpected mishaps.
Arvind Gupta
Lucknow
10th Jan 2024
FAQ's
What is engineering insurance?
Engineering insurance protects businesses against construction, machinery, and equipment risks. It covers accidental damage, breakdowns, and losses during projects or operations.
Who needs engineering insurance?
Engineering insurance is essential for heavy machinery contractors, builders, manufacturers, and businesses. It safeguards against financial losses due to accidents, equipment breakdowns, and project risks.
How is the premium for engineering insurance calculated?
Premiums depend on factors like the type of coverage, project value, risk level, equipment cost, location, and past claims history. Insurers assess these aspects to ensure fair pricing based on the risk exposure.
What is boiler and pressure plant insurance?
Boiler and pressure plant insurance protects against damage to boilers, pressure vessels, and related equipment. It covers explosion, collapse, and other operational risks, ensuring that businesses can repair or replace damaged components without major financial strain.
Are there exclusions in engineering insurance?
Yes, exclusions include normal wear and tear, wilful negligence, war-related damages, and pre-existing defects. Always review policy documents to understand what is not covered.
Does engineering insurance cover defective workmanship?
No, engineering insurance generally does not cover losses due to poor workmanship, faulty design, or the use of defective materials.
What is a Contractor All Risk Insurance?
The Contractor All Risk (CAR) insurance covers damages to a construction site, materials, and equipment during a project. It also includes third-party liability for accidental damage or injury caused at the site.
What is Erection All Risk insurance?
Erection All Risk (EAR) insurance covers risks involved in installing and testing machinery, plants, and equipment. It protects against accidental damages, including fire, theft, and breakdowns.
What is material damage under engineering insurance policy?
Under this, the company agrees with the Insured that if, during the policy period, the insured property (excluding packing materials) is lost, damaged, or destroyed by any cause not specifically excluded, requiring repair or replacement, the company will cover the loss up to the insured amount. It also covers debris removal up to the policy limits.
What is the reinstatement of the sum insured under engineering policy?
Reinstatement of the sum Insured means that after a loss or damage, the insurance coverage remains in force for the insured amount. The insured must pay a pro-rata additional premium on the full claim amount from the date of loss until the policy expires, ensuring continued protection without reducing the original sum insured during the policy peri
What is liability coverage under engineering insurance?
Liability coverage under engineering insurance indemnifies the insured against legal liability for accidental damage to third-party property, excluding property used in construction. It also covers liability for injuries to third parties, excluding employees or family members. It also covers litigation costs.
What is electronic equipment insurance?
Electronic equipment insurance protects businesses from losses due to accidental damage, fire, theft, or short circuits affecting electronic devices like computers, servers, medical equipment, and industrial electronics.
How can I choose the right engineering insurance policy?
Assess business needs, project risks, equipment value, and coverage options. Compare policies from different insurers, check coverage limits, exclusions, and premium costs, and seek expert advice to select the best policy that aligns with your requirements.
What is the claim process under engineering insurance?
For claim approval, the insurer appoints a surveyor within 72 hours of claim intimation to assess the loss. Within 7 days, the insurer or surveyor informs the claimant about the documents. The claim is processed based on the surveyor’s findings and policy terms
Is there a waiting period for claims?
Most engineering insurance policies do not have a waiting period for accidental damages. However, certain coverages, such as loss of profit due to machinery breakdown, may have a waiting period before claims can be made.
What is the basis of loss settlement under engineering insurance?
In the event of a loss or damage, settlement is based on repair costs to restore the property to its prior condition, deducting salvage. If the property is a total loss, settlement is based on its actual value before damage minus salvage. Total loss rules apply if repair costs equal or exceed the pre-damage value.
What documents are required to file a claim for engineering insurance?
Policy details, loss reports, and damage assessment reports are some of the common documents required to file a claim under an engineering insurance.
How long does it take to process claim requests?
The claim processing time for your claim request can differ from one insurer to another. We try to resolve your claim request as soon as possible.
Do I need to renew engineering insurance?
Engineering insurance may not always be mandatory but is often required for large construction projects, industrial plants, and businesses using heavy machinery. Many clients and regulatory bodies mandate coverage to protect against unforeseen losses.
Can engineering insurance be transferred to another company?
Engineering insurance is generally non-transferable. A new policy may be required if a project is transferred to a new contractor. However, in some cases, with insurer approval, policy endorsements can be made to accommodate ownership changes.
Can engineering insurance be customised during renewal?
Yes, engineering insurance policies can be customised based on business needs at the time of renewal. Policyholders can add coverage extensions, adjust coverage limits, or include additional protections for specific risks related to construction projects, equipment, or operations.
Who should I contact to renew my engineering insurance policy?
You can contact our customer support if you have invested in an engineering insurance policy from us. Our team will help you in ensuring comprehensive coverage for your project.
What is the process of renewing engineering insurance policy?
Talk to your insurance provider if you need to renew your engineering insurance plan. The renewal process can vary from one insurance provider to another.
Why juggle policies when one app can do it all?
Download Caringly your's app!
What is Engineering Insurance?
Engineering insurance is a specialized branch of insurance tailored to protect projects, equipment, and businesses within the field of engineering. It provides financial security against unforeseen risks and disasters that may disrupt the progress and profitability of engineering endeavors.
Engineering projects are often complex and involve various inherent risks such as accidents, material damage, machinery breakdowns, or unexpected events. Engineering insurance helps mitigate these risks by providing coverage against unforeseen circumstances, reducing financial liabilities for the insured.
Engineering insurance supports the smooth functioning and success of engineering projects, which are often capital-intensive and subject to a wide array of potential risks. It offers protection against losses due to damage or destruction of engineering works, machinery, or equipment. This protection can include repairs or replacements, as well as compensation for business interruptions, ensuring financial stability for the insured.
*Standard T&C apply
Why is Engineering Insurance Important?
The importance of engineering insurance cannot be overstated, as it serves multiple critical purposes:
● Risk Mitigation: Engineering projects, whether construction, installation, erection or operation, are prone to various risks such as accidents, equipment failure, and/or natural disasters. Engineering insurance helps mitigate these risks by providing coverage against unforeseen circumstances, reducing financial liabilities for the insured.
● Financial Protection : It offers financial protection against losses due to damage or destruction of engineering works, machinery, or equipment. This protection can include repairs or replacements, as well as compensation for business interruptions, ensuring financial stability for the insured.
● Business Continuity:Engineering projects often have pre-decided timelines and dependencies. Any disruption or delay can have a cascading effect on the entire project. Engineering insurance ensures that, in the event of unforeseen circumstances, the project can continue without major financial setbacks.
● Peace of Mind:Protecting your engineering project by Bajaj Allianz Engineering Insurance provides peace of mind. It allows engineers, contractors, and business owners to focus on the job at hand, rather than worrying about potential financial losses.
● Boosting Confidence and Credibility:Having comprehensive insurance coverage in place can boost confidence among stakeholders, clients, investors, and lenders, enhancing the credibility and attractiveness of the project.
Types of Engineering Insurance Plans in India
Engineering insurance encompasses a variety of insurance plans to address the specific needs and risks associated with different types of projects. Here are some of the most common types of engineering insurance plans:
1. Erection All Risk (EAR) Insurance :
This type of insurance is designed for large, complex projects such as the construction of power plants, bridges, and industrial facilities wherein the civil work is relatively less. It covers a wide range of risks, including damage to materials, equipment, and injury to workers during the erection phase.
2. Construction All Risk (CAR) Insurance :
CAR insurance is tailor-made for construction projects wherein the majority of work is civil, covering risks like damage to property, machinery, and injury to workers. It provides a comprehensive solution to safeguard construction sites from unforeseen events.
3. Contractors' Plant and Machinery (CPM) Insurance :
This insurance specifically focuses on protecting the machinery and equipment used by contractors like excavators, bulldozers, concrete mixers, pile rigs and like machineries used in construction projects. It covers damage, theft, and other perils that can affect these crucial assets.
4. Deterioration Of Stocks
5. Civil Engineering Completed Risks
6. Boiler and Pressure Vessel Insurance
7. Machinery Breakdown Insurance
8. Machinery Loss of Profit Insurance
9. EEIP (Electronic Equipment Insurance Policy):
In conclusion, engineering insurance is the bedrock upon which the stability and success of engineering projects and businesses are built. Its diverse range of plans provides tailored protection against a multitude of risks, ensuring that progress continues unhindered, financial investments remain secure, and peace of mind prevails in the world of engineering. When it comes to safeguarding your engineering endeavors, the right insurance plan can mean the difference between prosperity and potential disaster.
Note: For complete information, please refer to the policy wordings carefully.
What makes our insurance unique
With Motor On-The-Spot, Health Direct Click, etc we provide fast claim process , Our sales toll free number:1800-209-0144
