A separate class of insurance products covers damage and risk that is associated with companies that are in engineering and construction businesses. Such organizations deal with costly and sensitive equipment, exposed to various risks that need to be covered.

All companies that own and operate costly engineering equipment worry over not just the usual risks but also over breakdown risks, which can set their billing back besides costing
money to repair.

Many innovative products from leading insurance providers have been handpicked by Odin to take care of all such engineering equipment risks that you may face.

Products

Construction All Risk Policy

Construction All Risk Policy

Built specifically for construction companies, the Construction All Risk Policy (or CAR) covers all losses that may occur at a construction site, including damage to buildings under construction, machinery damage, loss of tools at site, malfunction of any plants at site such as cement mixers or power plants. Third-party liability is not covered by the policy though. It can however be taken as an add-on policy.
Erection All Risk Policy

Erection All Risk Policy

When factories require erection, installation, and commissioning of large equipment, especially when such erection involves a fair amount of civil work, it is advisable to cover the process under an Erection All Risk Policy (or EAR). Companies or contractors can take this policy to protect the premises from any damage that may arise during and because of the erection process, either to the existing building or machinery, or to the new equipment.
Delay in Startup (DSU) Policy

Delay in Startup (DSU) Policy

Also sometimes known as the Advanced Loss of Profit (ALOP) Policy, the Delay in Startup (or DSU) Policy helps indemnify the insured company from losses occurring due to delays in completion of a project beyond committed date, when the delay is because of one or more of a set of possible causes for the delay set out in the policy. Causes that are listed could be disasters such as fire, earthquake, and flood, or even man-made reasons such as terrorist acts, theft, riots, and wilful damage.
Contractor Plant & Machinery Policy

Contractor Plant & Machinery Policy

Contractors use many costly equipment at their sites when undertaking construction work. Loss of or damage to these equipment can prove expensive both from the point of view of their repair as well as the loss of revenue that occurs due to stoppage of work because of such breakdowns. A Contractor Plant & Machinery Policy helps protect Contractors from such losses. Equipment that may be covered include bulldozers, excavators, cranes, drilling machines, compressors, gensets, road layers, etc.
Machinery Breakdown Policy

Machinery Breakdown Policy

As the name suggests, the Machinery Breakdown Policy covers the cost of repair or replacement of machinery in a factory when the repair occurs due to damage caused by accidents or external reasons, other than willful destruction and arson. The Policy needs mention of the complete list of machinery at a premises along with their identifying numbers, and their replacement value for which insurance is taken. It is worth noting that breakdowns due to wear and tear are not covered by this policy.
Electronic Equipment Policy

Electronic Equipment Policy

Expensive electronic equipment such as computers, servers, medical and biomedical equipment, audio-visual equipment, etc, can be covered separately under the niche Electronic Equipment Policy. Such equipment are different from regular machinery in a plant due to the facts that they usually operate internally at low voltages, they are far more sensitive to fluctuating voltages and ambients, and their cost-to-footprint ratio is considerably higher. The policy protects the owner from sudden loss of or damage to these critical equipment, allowing for their quick replacement.
Employee Compensation Policy

Employee Compensation Policy

The Employee Compensation Act, 1923, provides for the payment of compensation by the employer to employees (or dependents in case of fatal accidents) if they are injured by accidents that occur during the course of their work. The Employee Compensation Policy is designed for companies to insure themselves against unexpected costs arising out of such sudden events that result in injuries or fatalities at the workplace. All companies, contractors and agencies that employ workmen exposed to possible hazards will benefit by this policy.

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    Created by Mot Juste