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All you need to know about engineering insurance
The growth in global development has led to an unparalleled increase in the value of property risks and the creation of new, previously unknown risks. And the insurance market in the Arab Republic of Egypt, in Saudi Arabia and in the Arab world is like any other global market in which insurance companies tried to follow the rapid development that took place in industrial and urban activity by issuing engineering insurance policies, in particular insuring all contractors’ risks, insuring machinery malfunctions, and insuring loss of profits resulting from machinery malfunctions... Etc. insurances that cover indirect losses facing commercial or industrial establishments, such as work stoppage insurance, additional expenses insurance, rent insurance, rental value, as well as the calculated rent difference.
Definition of engineering insurance:
Engineering insurances are a set of property and civil liability insurances that aim to protect various industrial projects, whether they are construction, transformative or extractive, from material losses arising from damages to machinery, equipment, devices, fixtures and buildings, whether in the construction and testing phase or in the actual operation phase.
It also aims to protect against material losses arising from the liability of contractors and project owners before third parties. In view of the modern industrial and mechanical development, the insurance industry has realized the extent to which projects need a cover that protects the national economy from dangers whose importance has emerged with this successive development.
That is why the insurance industry is working hard to provide most of the guarantees necessary to cover these projects in all their stages from the start of construction until the end of the testing phase and the entry of these projects into the actual production role, as well as covering the operating phase of these projects. These guarantees are engineering insurances.
Establishment of engineering insurances:
During the Industrial Revolution, there was a great need to protect lives and money from the dangerous and frequent accidents that were occurring at that time due to the explosion of steam boilers. It was founded in 1854. The Manchester Boiler Users Association and its mission is to fix this situation by checking boilers on a regular basis. Hence the need for a kind of insurance protection to accompany the detection and examination work carried out by the Society's engineers. Thus appeared the first industrial insurance policy.
Types of engineering insurance policies:
Engineering insurances cover all aspects of engineering, whether architectural, civil, mechanical or electrical. The most important types of engineering insurances are:
1. Insurance on all contractor risks. This type of insurance is applied to all types of construction contracts, building contracting, land reclamation, canal construction contracting, and drains.
3. Insurance for machinery and equipment failure. This insurance is applied to machinery and equipment during the production stage as a result of the sudden and unexpected risks.
4. Steam boilers and other pressure vessels insurance. This insurance is applied to steam boilers and other pressure vessels as a result of a risk that causes them to explode or malfunction.
5. Loss of profit insurance. This insurance is on machinery and equipment covered by machinery and equipment breakdown insurance during the production stage, which led to the breakdown of these machines, which led to a loss, and this loss is compensated by this type of insurance.
6. Insurance against damage to food commodities kept in cold rooms.
7. Insurance of computers and electronic devices.
Engineering Insurance Features:
Engineering insurances are characterized by characteristics that are completely different from those of other insurances, because this type of insurance is of a complex, unbalanced and heterogeneous type. . The most important features of these insurances are:
1. All types of engineering insurances are accident insurances, so the damage in all cases must be sudden and unexpected.
2. It is necessary to seek the assistance of engineering experts in all types of engineering divisions, in the subscription and pricing of engineering insurances, as well as claims.
3. According to the nature of the covered objects, their risks are of a special nature. Their risks contain some moral hazards. Therefore, all types of engineering insurances impose an amount of bearing (wasted losses) when the risks are realized, and this loading may be a fixed amount for each claim or a certain percentage, This amount or percentage is determined according to the nature of the danger and the degree of moral danger.
Engineering insurance coverage:
In the practical application of engineering insurances, they can be divided into two main types by the type of protection it provides and the nature of the period it lasts.
The first type: includes all types of construction contracting as well as installation contracting, i.e. from the beginning of construction until the date of the final delivery of the project.
The coverage of this type is characterized by the following:
1. The period of coverage is limited to the period of contracting implementation only, and the insurance shall not be extended or renewed after that.
2. The installment is not renewable after the completion of the contract implementation.
3. The portfolio of this type of insurance is rarely sufficient due to fluctuations in premium income.
4. The sums of insurance in this type are usually very large, and this is due to the huge size of the project.
5. The results of this type of insurance, even when they are good, are unbalanced. The balance is in the long run only.
6. The severity of the risk during the insurance period is not homogeneous. In some projects, the severity of the risk increases as the contracting work progresses, while in some other projects, the risk intensity is high during a certain stage of the project’s construction phase, after which the risk intensity begins to decline.
7. The insurance remains valid after the completion of the contracting for a limited period called this maintenance period in the insurance against all risks of the contractors, as for insurance on all risks of installation, this period is called the trial period.
The second type: includes the rest of the engineering insurance types, i.e. after the final delivery and during the operating period, i.e. during production, i.e. the coverage is during the production stage. The coverage of this type is characterized by the following:
1. The documents of this type are annual and are renewed annually or periodically.
2. The duration of coverage in this type is theoretically unlimited in the long term, as the documents are renewed annually for an indefinite period.
3. That the expired documents are renewed or replaced by another of the same unit or another unit that replaced it.
4. The portfolio of this type of insurance is more balanced in terms of premium income than the first type.
The most important types of engineering insurance:
Contractor's All Risks Insurance:
Contractors’ all risks insurance covers all losses that occur to civil and architectural engineering projects. Various documents must be issued to cover the contractor to cover the risks of fire, theft, civil liability and others. This insurance is issued to cover all these risks, and insurance on all contractors’ risks does not require annual renewal. Rather, it covers the entire period of contract implementation.
Duration of insurance for contractors' all risks insurance:
The duration of the cover in insurance for all contractor risks is divided into two main sections, for which the insurance cover is completely different.
1. First term
The construction period starts from the start of the contractor in carrying out the contracting works until the initial receipt of the contract. The cover shall be from all dangers.
2. Duration Two
The maintenance period starts from the end of the first period and ends with the project owner’s acceptance of the work once and for all, and the cover is limited to accidents that result from maintenance work
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