Engineering insurance states the insurance that provides economic assurance against the risks faced by the machinery and equipment in the ongoing construction project, assembly project and project operation. The construction project can be divided into all-risks insurance and the assembly project all-risks insurance, depending on the project. The project can be divided into all-risks insurance and machine breakdown insurance, depending on the nature of the object. The insurance period is the same as the construction period of the project.

Construction All-Risks Insurance (Including Offshore Risks)

Construction all risks insurance provides solutions to protect constructions against the risks during the construction process. It starts from the material storage phase of the construction. It covers the damages and losses that construction builders may encounter due to sudden and unexpected risks during the period until the acceptance of the promised works. The validity period of the insurance policy ends in parallel with the completion and delivery of the project. The cost of the prepared policy is equal to the final value of the project or construction cost. Therefore, the insurance allows you to be protected against unexpected situations that may arise during the construction and you can easily continue your project without worrying.

Installation All-Risks Insurance

Installation all-risks are specifically planned for the construction of the buildings, erection, commissioning and testing of new structures. This type of insurance aims to protect the insured against financial losses in case the structure is damaged, stolen or destroyed during the construction process. It is often used by contractors, builders and other construction companies.

Civil Engineering Completed Risks Insurance

Civil engineering completed risks insurance (also known as CECR insurance) is specifically planned for civil engineering and construction projects such as bridges, roads, dams and other infrastructure projects. This type of insurance aims to protect the insured against financial losses in case the project is damaged, stolen or destroyed after completion.

It generally includes protection against damage or loss of the completed project, as well as injury and liability protection resulting from the completed project. In addition, coverage is provided for additional costs in case of a business interruption and job loss. It is widely used by civil engineering and construction companies, municipalities and other organizations involved in infrastructure projects.

Contractor Plant and Equipment Insurance

Contractor plant and equipment insurance offers solutions specifically to provide coverage for plant, equipment and machinery used by contractors and construction companies. These solutions aim to protect the insured against financial losses in case of a damage, theft or destruction of the equipment. Coverage provided by the contractor's plant and equipment insurance generally includes protection against equipment damage or loss as a result of incidents such as theft, fire, storm, flood and other hazards. It can also provide assurance against loss or damage of the equipment during transportation, on-site storage, or in-service usage. It may also include third-party liability protection against an injury to the third-party property or person resulting from policyholder equipment.

Delay / Advance Loss of Profit Insurances

Loss of advance profit (ALOP) and delay in start-up (DSU) insurance covers the financial losses that a business may encounter as a result of a delay in start-up. It is often purchased by companies involved in construction or other long-term projects and aims to protect the policyholder against financial losses resulting from delays in project completion. DSU insurance can cover a wide variety of incidents that could cause a delay in the start-up of a project, including to strikes, riots, riots, natural disasters, and unexpected design changes however not limiting them as well. Coverage usually includes both direct and indirect losses such as income, loss of income, cost overruns and additional expenses.DSU/ALOP insurance is often purchased by companies involved in large and complex projects such as construction companies, energy companies, and other types of businesses that depend on the timely completion of projects.

Insurance of Existing Buildings

Insurance of existing buildings states assurance for the existing property instead of a new property or a property under construction. It can be purchased by property owners, landlords or tenants to cover the building and its contents. It covers damage &loss-of-property caused by incidents such as fire, storm, flood, theft and other hazards.

It also covers business interruption, loss of rental income and additional costs in case of a loss.

Frequently Asked Questions

‘Bridge’ offers many insurance products in the scope of engineering insurance. The products are listed below:

● Construction All-Risks Insurance (Including Offshore Risks)

● Installation All Risks Insurance

● Civil Engineering Completed Risks Insurance

● Contractor Facility and Equipment Insurance

● Delay / Advance Loss Insurance

● Current Building Insurance

The cost of engineering insurance depends on the pricing policy of the insurance company, the size of the engineering company, the nature of the provided services, and the insurance content. In addition, the cost of insurance may vary according to the region, industry and its potential of customers of an engineering company. To find out exactly how much the insurance costs, you can contact us and get a quote.

The right engineering insurance policy for a business's needs depends on the specific risks related to the project and operations. It is important to carefully evaluate the coverage and limitations of each policy and consult an expert. ‘Bridge’ can support to identify specific risks related to the business's operations and can recommend a policy that provides the most appropriate level of assurance.

Engineering insurance is not compulsory in Turkey. However, companies that offer engineering services can take out insurance in order to provide better assurance to their customers. However, there is no obligation to require insurance and engineering companies are free in either way.

Engineering insurance is important since it provides protection against risks related to construction and engineering projects. It can reduce the impact on their operations and financial performance by supporting the businesses to manage the financial affects of unexpected incidents such as property damage, third-party liability claims, and machinery breakdowns.

Engineering Insurance types include policies such as include all-risks insurance, installation al-risks insurance, machinery breakage insurance, and electronic equipment insurance. These policies cover a variety of risks such as third-party liability, property damage, breakdown or damage to machinery or electronic equipment.

Engineering insurance is a type of insurance specifically planned for the construction and engineering industry. It covers a wide range of risks related to the design, construction, commissioning and maintenance of engineering projects such as buildings, infrastructure and machinery.