Author name: Syed Meraj Naqvi

Introduction Moreover India’s foundation and building industry is thriving, but huge projects bring even more risk. In fact whether it be a highway, a power station, or a skyscraper, engineering projects are prone to natural catastrophes, equipment failures, delays, and accidents. Their engineering insurance in India serves like a safety net, shielding investors, contractors, and developers from financial nightmares. But what exactly is engineering insurance? Why is it crucial? And how do you pick the right one? Therefore buckle up—we’re about to dig deep into this essential part of the construction world.  What is engineering Insurance? A furthermore group of insurance policies designed to handle several hazards linked to engineering projects is engineering insurance. It covers the equipment used during installation, construction, or operation as well as the project itself. Specifically put more simply, if a technical problem causes your project to be postponed, damages, or failures happen, this policy will cover you.  Importance in Indian engineering and construction Sectors India is witnessing rapid urbanization. Additionally projects are growing in scope and complexity. Consequently one single error or mishap could destroy a multimillion- dollar initiative without insurance. For this reason, engineering cover is now indispensable rather than voluntary. Moreover, in the 2025 Union Budget, the Indian government allocated over ₹11.11 lakh crore for infrastructure development—a significant increase from previous years, thereby underlining how critical this sector is to India’s economic progress. Indeed With such massive investments, even a single accident or delay can lead to financial chaos. That’s why engineering insurance in India isn’t just a safety net anymore—it’s a necessity. Types of engineering Insurance in India First and Foremost major kinds of engineering insurance that are common (and essential) in India should be discussed. Contractor’s all risks Erection All Risks Contractor’s plant and equipment Boiler & Pressure Plant Electronic equipment – Coverage specifics – CAR insurance covers damage to property as well as  accidents during construction and third-party claims of injury or harm. – Potential Projects – Best suited for structures, roadwork, and bridges—essentially every civil engineering endeavor. – Coverage details – EAR insurance treats dangers linked with steel structures, machines, and plant installation and erection. – Best Case Utilized – Ideally suited for power plants, refineries, and big commercial facilities—projects which include erecting heavy mechanical constructions. – What it covers – Whether in operation or not, the policy covers the repair or destruction of construction equipment including cranes, bulldozers, excavators etc. – Who Should Opt for It – Every large scale project contractor. Equipment is not inexpensive; CPM preserves the value of the investment. – Coverage Points : – BPP Insurance Includes cost of repair or replacement in case the boiler or pressure plant undergoes accidental explosion or collapse. – Relevance – This provides financial protection against one of the most important and risky breakdowns in industrial processes, enabling businesses to steer clear of immense losses Range and Advantage – Electronic equipment insurance Includes diagnostic tools and computers. Particularly useful for engineering companies, offices, and hospitals depending much on technology. – Coverage specifics – CAR insurance covers damage to property as well as  accidents during construction and third-party claims of injury or harm. – Potential Projects – Best suited for structures, roadwork, and bridges—essentially every civil engineering endeavor. – Coverage details – EAR insurance treats dangers linked with steel structures, machines, and plant installation and erection. – Best Case Utilized – Ideally suited for power plants, refineries, and big commercial facilities—projects which include erecting heavy mechanical constructions. – What it covers – Whether in operation or not, the policy covers the repair or destruction of construction equipment including cranes, bulldozers, excavators etc. – Who Should Opt for It – Every large scale project contractor. Equipment is not inexpensive; CPM preserves the value of the investment. – Coverage Points : – BPP Insurance Includes cost of repair or replacement in case the boiler or pressure plant undergoes accidental explosion or collapse. – Relevance – This provides financial protection against one of the most important and risky breakdowns in industrial processes, enabling businesses to steer clear of immense losses Range and Advantage – Electronic equipment insurance Includes diagnostic tools and computers. Particularly useful for engineering companies, offices, and hospitals depending much on technology. Benefits of engineering Insurance • financial protection from unexpected events – Engineering insurance comes in to keep your financial skin intact from fire, wrong installation, or unexpected storms occur. • Adherence to contractual obligations – Most government contracts and clients require coverage.  It’s not just smart—it’s often mandatory.  • Peace of Mind for Stakeholders – Covering the risk lowers the anxiety level. Insurance allows you to concentrate on development and creativity rather than on concerns.  Engineering Insurance claim process in India 1) After the incident, inform the insurer first : Your insurance provider should be contacted first and foremost and as soon the damage or loss arises. Early notice helps to avoid arguments and guarantees fast reaction by the side of the insurance company. 2) Fill Out a Claim Form with Basic Incident Details You’ll need to complete a standard claim form provided by your insurer. It includes details like the date, nature of the incident, estimated loss, and location of damage. 3) Present Supporting Documents Attach images of the damaged site, bills, repair quotations, and an FIR (if needed) together with the claim form. These help the insurer to appraise the condition properly. 4) Site Inspection by a Surveyor to Evaluate Damages The insurance company will assign a licensed surveyor to inspect the site. Based on the magnitude of damage and whether the claim is policy compliant, the surveyor produces an exhaustive report.  5) Claim Evaluation & Settlement on Document Review Once all papers and surveyor reports are checked, the insurer handles your claim. Should everything be in line, the authorized sum is disbursed either to you or to the repair vendor. Documentation required • Original insurance policy • Completed claim form • Photographs or video proof of the damage • Invoices and estimates for repairs • FIR (in case of theft, fire, or major loss) • Equipment maintenance logs • Incident report from project manager or engineer Common challenges and how to overcome them – Delay in Intimation:

Introduction to Marine Insurance Policy Shipping goods across vast oceans brings unique risks—stormy weather, accidents, theft, and cargo damage. Even a single incident can cause losses worth millions. Imagine losing an entire shipment due to unforeseen delays or harsh weather conditions. Without proper protection, businesses face severe financial losses, supply chain disruptions, and damaged reputations. That’s why marine insurance is indispensable. Let’s dive deeper into the meaning, benefits, types, and coverage of marine insurance policy What Is Marine Insurance? Marine insurance policy is a specialized coverage designed to protect businesses from financial losses while shipping goods internationally. Key Aspects of Marine Insurance: – Protection for goods in transit via road, air, or sea. – Coverage against theft, loss, or damage. – Ensures financial stability for exporters, importers, and logistics providers. – Minimizes global commerce risks. – Maintains smooth cash flow by reducing unexpected financial burdens. What Are the Key Benefits of Marine Insurance? Marine insurance policy offers several key benefits that make it an essential safeguard for businesses — here’s a closer look at some of the major advantages: – Comprehensive Coverage – Guards against losses brought on by accidents, bad weather, or theft.  – Customizable Policies – Different coverage options to suit individual business needs.  – Financial Security – This reduces risks by providing coverage for possible losses.  – Smooth Trade Operations – It Ensures uninterrupted supply chain movement.  – Peace of Mind – Focus on business growth without worrying about cargo safety.  – Enhanced Business Reputation – Ensures reliable deliveries, increasing customer trust . Different Types of Marine Insurance Policy Choosing the right type of marine insurance depends on your business needs. Here are the main categories: 1. Marine Cargo Insurance Protects goods from loss or damage during transit—ideal for importers, exporters, and logistics firms. 2. Hull Insurance Covers ships or vessels against operational risks, collisions, and damages. 3. Freight Insurance Protects freight costs if goods are lost or damaged during transit. 4. Liability Insurance Shields ship and cargo owners from third-party claims or damages. 5. Open Cover Policy Offers continuous coverage for frequent shipments, simplifying insurance management for active traders. What Does Marine Insurance Cover? Marine insurance coverage varies depending on the chosen policy: – Offering total loss coverage, which covers the full value of cargo goods gone as a result of natural disasters or accidents.  – This kind of grants cover for things that are injured but do not totally vanish.  – Theft and piracy protection: Covers losses from stolen or pirated products.  – Weather-Related Damage: Guard against storm, hurricane, and flood damage from changing weather conditions.  – Transit Delay Compensation: Provides covering for monetary damages arising from delivery passed.  – Strike and War Risks: Protection of damage or loss caused by wars, strikes, or civil unrest: Strike and war risks. From the instant goods leave the supplier’s warehouse until they hit their destination, warehouse to warehouse coverage guarantees safety.  Inland Marine Transit Insurance Explained Marine insurance policies also cover inland transportation risks: Types of Inland Transit Coverage: – Inland Transit (All Risk) – Covers all risks, including accidental loss or damage. – Inland Transit (Basic Cover) – Covers specific risks like fire, collision, and derailment; optional add-ons for theft and pilferage. International Transit Insurance: For goods moving across borders by sea or air, Institute Cargo Clauses (A/B/C) (commonly called ICC A, B, C) come into play: – ICC (A) – Covers all risks, including accidental loss or damage. – ICC (B) – Offers named perils coverage such as fire, explosion, vessel sinking, etc. – ICC (C) – The most basic form, covering major risks only like collision or overturning. These policies are crucial for importers and exporters handling international shipments. How to Choose the Right Marine Insurance Policy? Selecting the right policy is crucial for maximizing benefits:. Here are important things to consider:  Assess Business Needs – Understand the nature of goods and risks involved. Compare Coverage Options – Check for total loss, partial loss, and liability. Choose Reliable Providers – Pick companies like RiskBirbal with strong marine insurance expertise. Review Claim Settlement Ratios – Faster settlements mean less financial disruption. Read Terms Carefully – Focus on exclusions, deductibles, and premium terms. Consider Open Cover – Ideal for frequent shippers to save on premiums. Exclusions & Extensions in Marine Insurance Exclusions  The policy does not cover losses brought on by:  – Normal freight wear and tear  – Normal leakage  – Delays in shipping  – Inadequate packing  – Willful wrongdoing or unlawful activity Extensions  By paying an additional price, businesses can choose to have more coverage. Among the extensions are:  – Custom Duty Coverage: Guards against import duty-related losses.  – Debris Removal: Pays for the removal of damaged items.  – Coverage for Strike, Riot, and Civil Commotion (SRCC): Guards against harm caused by social unrest.  – Coverage for Terrorism: Offers defense against cargo losses brought on by terrorist acts.  – Seller Contingency Insurance Clause – If the buyer neglect to insure the cargo or repudiate culpability following loss or injury, a seller contingency insurance clause provides the seller financial protection. – Gulf of Aden Clause – Offers more protection for items passing via piracy-prone zones like the Gulf of Aden. – Repacking Clause – Covers expenses for repacking goods that are damaged or tampered with during transit. – Pair & Set Clause – If one item of a pair/set is lost or damaged, compensation is provided for the whole set. – Buyer’s Interest Contingency Risk Clause – Safeguards the buyer’s interest if the seller’s insurance is insufficient or invalid. – Brands and Trademark Clause – Ensures destroyed goods bearing a brand or logo cannot re-enter the market, preserving brand reputation. – Label Clause – Pays for the removal and re-labeling of damaged product packaging or labels after salvage. – Deliberate Damage – Pollution Hazard Clause – Covers losses when cargo is intentionally destroyed to prevent environmental pollution. – FOB Clause (Free on Board) – Extends coverage to goods sold FOB until they are safely aboard