Risk in the engineering industry is vast and intricately complex. Insurance covering one risk may not always cover the subsequent consequences of that risk. Here's a little insight:
Engineering insurance is a legal requirement in any project involving risk of explosion or electrical failure and any plant owned or hired by a contractor must to be insured against damage or failure and loss of profits.
Civil projects relating to public transport (routes or hubs) are high risk and should be insured to reflect this. A comprehensive review can help to determine the cover necessary to protect against all the odds.
The location of an engineering project is an important factor to consider, as is the future protocol required for demolition of any related structures (this in itself can be a minefield when it comes to effective cover).
Understanding all aspects of Engineering Insurance is crucial before implementing the right solution. The safest way to build an effective Engineering Insurance scheme, to guarantee comprehensive cover of all aspects of your business, is to arrange a meeting with a specialist to discuss.
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