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.
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
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.
[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
Engineering Insurance Definition And Meaning
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Tuesday, May 23, 2017
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