3.0 ENGINEERING INSURANCE BASIC PRINCIPLES

ENGINEERING INSURANCE In industries and factories, even in offices or at home, nowadays more and more machinery and equipments are being used. They are exposed to various accidental losses like fire, theft, accidental breakdown etc. Such losses not only cause financial stress on its owner but also hinder normal operation of the Industry. Apart from this, massive ENGINEERING projects ranging from building of bridges to set up thermal power stations are very common in today s era of industrialization. Major accidents or natural disasters like earth quake etc will cause immense losses to such projects. ENGINEERING Policies are designed to provide coverage against such accidental losses. BASIC PRINCIPLES The following BASIC PRINCIPLES are applicable for ENGINEERING INSURANCE Contracts. Insurable Interest Indemnity Utmost Good Faith Subrogation Proximate Cause Contribution TYPES OF POLICIES Broadly, various ENGINEERING policies can be classified as follows: 1.

Zone – I Rs. 25,000/- per claim Zone – II Rs. 10,000/- per claim In respect of those CAR Risks where the excess prescribed in guidelines is higher than excess

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