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Engineering Insurance Definition And Meaning

Engineering Insurance Definition And Meaning

What Is Engineering Insurance

The rapid industrialization of our country has led to increasing use of machines in industry. Though use of machinery results in increased production capacities, in the event of accident and breakdowns, they can be potential sources of financial loss and could even result in the closure of business.

Insurance
[Post Image Courtesy of David Castillo Dominici at FreeDigitalPhotos.net]

In spite of proper care and maintenance of machinery, mishap may yet occur. Sometimes the extent of damage may be quite high and may also lead to fatal or non‐fatal injuries to human beings nearby. The remedy for such losses is offered by means of the pecuniary protection given under Oriental’s engineering insurance policies. The various engineering policies offered by us may be divided under the following three major heads:

1. Project Insurance

2. Operational Machineries Insurance

3. Business Interruption Insurance

Insurance Law And Practice - ICSI

About Author Mohamed Abu 'l-Gharaniq

when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries.

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