Engineering Insurance
Engineering insurance covers wide range of threats associated with engineering. For the recovery of these risks engineering insurance companies become saving hand. The United Insurance Company of Pakistan Limited gives you the best services and packages for engineering insurance because during construction it become an essential part.
What we are Giving
3769
Total No. of Policies
358 Million+
Premium
6 Million+
Total Claims
Machinery Breakdown Insurance
Machinery Breakdown Insurance protects against unforeseen damage and losses to machinery, ensuring that operations remain uninterrupted. UIC offers tailored engineering insurance solutions, meeting all safety and protection needs during construction. Below are the details of our packages:
Bonds
A Bid Bond is issued on behalf of contractors when submitting tenders for contracts with public authorities or private owners. It guarantees the contractor’s commitment to the project’s terms and conditions.
Contractor’s All Risk Insurance
This insurance offers comprehensive protection against loss or damage to contract works, construction plant, and machinery. It also covers third-party claims for property damage or bodily injury during construction projects.
Contractor’s Plant and Machinery Insurance
Contractor’s Plant and Machinery Insurance provides annual coverage for loss or damage to machinery and plant, whether in operation, at rest, or during maintenance, limited to specific construction sites.
Electronic Equipment Insurance
This insurance covers electrical systems with moderate power needs, providing protection during operation, rest, or maintenance, ensuring the equipment remains safeguarded at all times.
Erection All Risk Insurance
Erection All Risk Insurance covers risks related to the installation of machinery, plant, and steel structures. It also includes third-party claims for property damage or bodily injury during erection projects.
Guarantees
A Guarantee Bond is issued on behalf of a contractor to the project owner, ensuring full and due performance of the contract, safeguarding the interests of both parties involved.
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Frequently Asked Questions
What is engineering insurance?
Engineering insurance protects against various risks associated with construction and machinery. It provides coverage for equipment, machinery, and third-party claims, ensuring smooth project execution.
Why is engineering insurance important during construction?
Engineering insurance becomes essential during construction as it protects against unforeseen damages and risks that could disrupt the project's progress or cause financial loss.
What types of engineering insurance does The United Insurance Company of Pakistan (UIC) offer?
UIC offers a variety of engineering insurance packages, including Machinery Breakdown Insurance, Contractor’s All Risk Insurance, Contractor’s Plant and Machinery Insurance, Electronic Equipment Insurance, and Erection All Risk Insurance.
What is the role of bonds in engineering insurance?
Bonds, such as Bid Bonds and Guarantee Bonds, ensure the contractor’s commitment to project terms and provide security for the project owner against non-performance or incomplete work.
How does Machinery Breakdown Insurance work?
Machinery Breakdown Insurance protects against unexpected machinery damage, ensuring uninterrupted operations by covering the costs of repairs or replacements.
How can I file a claim under engineering insurance?
To file a claim, contact UIC with the necessary documentation, including details of the damage or loss, and the claim will be processed based on the policy's terms and conditions.
What documents are required to file a claim for Machinery Breakdown Insurance?
You will need to provide a detailed report of the machinery breakdown, maintenance records, and evidence of damage when filing a claim.
Are third-party claims covered under Contractor’s All Risk Insurance?
Yes, Contractor’s All Risk Insurance covers third-party claims for property damage or bodily injury that occurs during construction projects.
How long does it take to settle a claim for Contractor’s Plant and Machinery Insurance?
Claim settlement times can vary based on the complexity of the case, but UIC aims to process and settle claims as quickly as possible, typically within a few weeks.
What should I do in case of a loss under Erection All Risk Insurance?
In case of a loss, notify UIC immediately, provide a detailed description of the incident, and submit the required documentation for a smooth claims process.
What does engineering insurance typically cover?
Engineering insurance covers loss or damage to machinery, equipment, and plant, as well as third-party claims for property damage or bodily injury during construction projects.
Is electronic equipment covered under engineering insurance?
Yes, Electronic Equipment Insurance covers electrical systems and equipment, protecting them from damage during operation, rest, or maintenance.
Does Contractor’s All Risk Insurance cover construction machinery?
Yes, Contractor’s All Risk Insurance provides comprehensive protection for construction machinery, including damages and losses during the construction phase.
Is maintenance of machinery covered under Contractor’s Plant and Machinery Insurance?
Yes, this insurance covers loss or damage to machinery during operation, rest, or maintenance operations at specified construction sites.
Are third-party claims covered under Erection All Risk Insurance?
Yes, Erection All Risk Insurance includes coverage for third-party claims arising from property damage or bodily injury during the erection of machinery or steel structures.
How do I renew my engineering insurance policy?
You can renew your engineering insurance policy by contacting UIC before the expiration date. UIC will provide renewal terms based on your previous coverage and any adjustments needed.
Can I modify coverage during the renewal of my Machinery Breakdown Insurance?
Yes, you can review and modify your Machinery Breakdown Insurance coverage during renewal to ensure it meets your current needs.
What happens if I fail to renew Contractor’s Plant and Machinery Insurance on time?
If the policy is not renewed on time, your machinery may not be covered in case of damage or loss. It is essential to renew the policy promptly to avoid any coverage gaps.
Are there any benefits to early renewal of Erection All Risk Insurance?
Early renewal ensures continuous coverage without any interruptions and may qualify you for special renewal terms or discounts depending on the policy.
Can I switch to a different engineering insurance package during renewal?
Yes, UIC allows you to switch or upgrade your coverage when renewing your policy, so you can choose a package that better fits your current project requirements.
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