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J. B. BODA INSURANCE BROKERS PVT.LTD. ENGINEERING INSURANCE

While machines considerably increase production capacities and reduce human drudgery, they are potential source of damage. It is not possible to eliminate the accidents/damage arising out of use of machinery. Engineering or Project Insurance cover provides protection not only against accidental damage to plant, machinery, equipment, etc, is also provides cover during construction/erection/and operation phases. JBBIBPL can assist you in obtaining competitive Insurance coverage essential for your ambitious Projects. Following are the major Engineering Insurance policies, viz:

1.1 Erection All Risks Policy (EAR)

This policy provides a continuous comprehensive all risk cover offering protection to the insured in any contingency during construction period whilst erection of machinery and plant as well as structures of any kind. It covers all types of projects such as erection of Thermal & Hydro Power, Fertilizers , Petrochemical, Oil refineries.

1.2 EAR - Advance Loss of profit ( ALOP)

Project owners often collateralize loans with project assets and repay the loan purely on the basis of projected earnings , known as Non-recourse Financing , financing provided for projects with no or very limited recourse to the assets. Advance Loss of Profits Insurance provides the insurance cover available to meet such contingencies and covers loss of anticipated revenue / gross profit in the event of a delay in the scheduled start up date of any project arising due to a peril insured by EAR policy

2.1 Contractors All Risk Insurance (CAR)

CAR insurance provides an 'All Risk' cover , specially designed to protect against the damage to or destruction of various civil engineering projects viz. roads, dams, bridges, hospitals, tunnels, cannels. Policy covers accidental damage to civil construction works, contractor's plants & machinery at the construction site and damage / defects during the subsequent period of maintenance for which the contractors is liable under the terms of the agreement between the contractors and the principle.

2.2 CAR - Advance Loss of profit ( ALOP)

Project owners often collateralize loans with project assets and repay the loan purely on the basis of projected earnings, known as Non-recourse Financing, financing provided for projects with no or very limited recourse to the assets . Advance Loss of Profits Insurance provides the insurance cover available to meet such contingencies and covers loss of anticipated revenue / gross profit in the event of a delay in the scheduled start up date of any project arising due to a peril insured by the CAR policy

3.1 Machinery Breakdown Insurance (MBD)

The policy covers unforeseen and sudden physical damage to any mechanical and electrical machinery and/or equipment necessitating repairs or replacement. Policy broadly covers loss due to all kinds of accidental, electrical and mechanical breakdowns due to internal and external causes. Cover is granted during the time the machinery is in operation or rest or in the process of dismantling, overhauls or during subsequent re-erection at the same premises

3.2 Machinery loss of profit (MLOP)

Breakdown to critical machinery, boilers or pressure vessels in any industrial or manufacturing unit can threaten to interrupt the regular operations and endanger revenue streams This policy offers a solution by covering profit lost due to reduction in turnover arising from interruption of business following damage to the Machinery insured. Policy covers insured standing charges, any additional expenditure to maintain normal business activity known as increased cost of working, suppliers /customer extension, non availability of public utilities

4.1 Contractor's Plant & Machinery

Contactors Plant & Machinery policy covers loss or damage to the contractor's plant and machinery deployed at the project site due to an accident. Cover operates when the insured property is at work or at rest or being dismantled for the purpose of cleaning/overhauling or during subsequent re-erection. Policy can be extended to cover Third Party Liability and Removal of Debris, Additional Customs Duty, Overtime, Express freight, Owner's Surrounding Property etc.

5. Boiler & Pressure Plant

Boilers and Pressure vessels are critical to any manufacturing process. The impact from such events could assume catastrophic in nature, both in terms of loss of lives and the financial losses. The Boiler and Pressure Plant (BPP) Insurance policy covers physical loss or damage to all types of Boilers and other pressure plants, where steam is generated. Policy can be extended to cover Third Party Liability, Clearance and Removal of Debris, Additional Customs Duty, Overtime, Express freight, Owner's Surrounding Property etc.

6. Electronic Equipment Insurance

From computers to medical devices, industrial equipment to electronic cash registers, companies all over the world are increasingly relying on technology as a backbone to aid their day-to-day operations. The electronic equipment insurance policy is an all risk policy designed for computers, medical, biomedical, microprocessor, and audio/visual equipment. The Policy provides coverage for Material damage to electronic equipment due to sudden and unforeseen events, cost of reconstruction of data, increased cost of working.