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Engineering Insurance

Engineering insurance is modern form insurance started early in twentieth century designed to offer comprehensive solutions to ranging from industrial plants, infrastructure projects to low value electronic products and mobile phones. Wala’a offers many types of Engineering Insurances as below;

ERECTION-ALL-RISK INSURANCE

Walaa offers comprehensive and adequate protection for the risks involved in the erection of machinery, plant and steel structures of any kind, including cover for surrounding property and third-party (property damage and / or bodily injury) arising in connection with the execution of a project.

Policy consists of two sections,

Section I (Material Damage) and

Section II (Third Party Liability)

CONSTRUCTION-ALL-RISK INSURANCE

Walaa offers comprehensive and adequate protection for the risks involved in the construction of civil works of any kind, including cover for surrounding property and third-party (property damage and / or bodily injury) arising in connection with the execution of a project.

Policy consists of two sections,

Section I (Material Damage) and

Section II (Third Party Liability)

MACHINERY BREAKDOWN INSURANCE

When machine runs, it is more prone to internal damages than external causes. To cover the machine for internal damages, Machinery breakdown cover was developed for industry to cover plant, machinery and mechanical equipment at work or at rest or during maintenance operations.

By its very nature, this cover works machinery on “all risks” concept and supplements the cover afforded by property insurance.

Loss or damage covered under machinery insurance is mainly due to one of the following causes: Faulty design, Faults at workshop or in erection, Defects in casting and material and manufacturing, Faulty operation, lack of skill, negligence, malicious acts, Tearing apart on account of centrifugal force, Physical explosion, flue gas explosion in boilers, Electrical causes such as short circuit, Shortage of water in boilers

LOSS OF PROFIT FOLLOWING MACHINERY BREAKDOWN INSURANCE

Offered as the part of machinery breakdown insurance, this insurance indemnifies the actual loss of gross profit and other charges sustained as a result of any accident covered under machinery insurance.

This insurance compensates for:

  • The continuing business expenses (standing charges) including the salaries and wages paid to employees.
  • The gross profit
  • The increase in cost of working, i.e. the additional expenditure necessarily and reasonably incurred for avoiding or diminishing a reduction in turnover

ELECTRONIC EQUIPMENT INSURANCE

This product is designed for all electrical and electronic systems such as, Electronic Data Processing (EDP) equipment, electrical equipment for medical use, communication facilities, lighting and navigation facilities, equipment for research and materials testing etc.
The insurance protects the owner as the operator, the lesser / hirer, or the maintainer. Subject to otherwise exclusions written in the policy electronic equipment insurance covers sudden and unforeseen and sudden loss or damage to insured equipment including but not limit to fire, lightning, explosion, aircraft impact, Smoke, soot, corrosive gases, Water & humidity, Failure of air conditioning, Short circuit and other electrical causes, erection faults, defects in casting and material, workshop errors, bad workmanship, Faulty operation, lack of skill, negligence, Malicious acts of workmen, / employees / third parties, Burglary, Hail, frost.
Data Media Cover is provided on a first-loss basis both for the material value of the external data media used in computing facilities and for the costs of reprocessing and restoring lost information.

DETERIORATION OF STOCKS FOLLOWING MACHINERY BREAKDOWN INSURANCE

Deterioration of Stocks in cold storage insurance is designed to meet the requirements of those who want to insure themselves against deterioration of goods in cold storage due to a breakdown of refrigeration machinery.

CONTRACTOR’S PLANT AND MACHINERY / EQUIPMENT INSURANCE

This policy is basically an extension of CAR Insurance Policy and can also be offered on standalone basis and provides protection against loss of or damage to construction plant, equipment and machinery, used by the Contractor as a tool of trade for the purpose of execution of the Project.

This coverage includes but not limited to sudden and unforeseen damages to covered machinery happened due to external fire, falling of equipment, Collision, Impact or any other external physical damages as per policy conditions.

REQUESTS FORMS – ENGINEERING INSURANCE

ELECTRONIC EQUIPMENT INSURANCE FORM (EEI FORM)  -  DOWNLOAD FORM
CONTRACTORS ALL RISK (CAR)  -  DOWNLOAD FORM
ERECTION ALL RISK (EAR)  -  DOWNLOAD FORM
CONTRACTOR’S PLANT & MACHINERY INSURANCE  -  DOWNLOAD FORM
MACHINERY BREAKDOWN INSURANCE (MBD)  -  DOWNLOAD FORM
DETERIORATION OF STOCK FOLLOWING MBD INSURANCE  -  DOWNLOAD FORM

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