Introduction
Engineering insurance refers to the insurance that provides economic safeguard to the risks faced by the ongoing construction project, installation project, and machines and equipment in project operation. Product categories: Depending on the project, it can be divided into construction project all risks insurance and installation project all risks insuranc; depending on the attribute of the object, it can be divided into project all risks insuranc, and machinery breakdown insurance.
Insurance Period: the same as the construction period of the project.
Functions
1. Loss compensation
Material loss: the insured project loss caused by any accidents or natural disasters except the exclusions.
The third party liability: according to law, the insured shall assume the compensation liability for the personal injury or property damage to the third party in construction sites and adjacent areas caused by the accident that directly relates to the insured project.
Exclusions: engineering design, construction technology error, construction material quality defects, mechanical damage of machinery and equipment that happens without external momentum...
2. Special clause
More than 40 special clauses are available on the basis of risk assessment and payment of additional expenses, including clauses in respect of strike, riot, and civil commotion, limited liability insurance period clause, extended liability guarantee period clause, special fee clause, clause in respect of buildings and tunnels in earthquake region.
Target Customers
Construction and installation projects in the process of "going out" of construction enterprises, real estate enterprises, production and processing enterprises, electrical power, gas and water production and supply enterprises.
Process
1. Insuring process
2. Claim settlement process
Case
Algeria highway project is by far the largest Chinese overseas investment project, and the total amount reaches USD 6 billion. A large domestic construction enterprise is responsible for the design and construction of the project's central and western part. There are many participants of this project, and risks of this project are complex.
Bank of China Insurance Company considers the project risks, and provides an insurance scheme with a full range of security, reasonable insurance conditions, and risk management according to international practice. It exclusively insured the project risks with the third party liability insurance for the central highway of Algeria, and the total insured amount was USD 1.1 billion.
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