Engineering & Construction
Machinery as well as technical plant and equipment can malfunction. This applies to both when they are under construction and in operation. This can cause considerable financial risks for companies and plant operators. Principals are faced with similar risk situations on construction projects. HDI’s Engineering and Construction insurance solutions help to minimise these uncertainty factors.
Technical malfunctions, material defects and operating errors can result at any time in damage that results in plant and machinery downtimes. In the case of installation projects or on construction sites, external factors like natural hazards or fire risks exacerbate the risk exposure. HDI’s Engineering and Construction insurance solutions provide insurance for existing risks. ‘All Risks’ cover provide comprehensive insurance against property damage and business interruption losses. Project cover factors in the extensive risks involved in major construction and plant engineering projects. Policyholders in all categories have access to risk engineers from HDI Risk Consulting. They provide support to clients in the form of early identification and avoidance of potential risk situations.
Scope of services at a glance
Engineering & Construction
HDI reimburses all the necessary costs incurred to restore machinery, structures or plant and equipment to full operation after a damage event. A large number of risk situations are covered, ranging from fire to electrical shorts through to negligent conduct.
Target Business Segments
- Annual coverage for contractors
- Private Finance Initiative (PFI) Projects
- Civil and infrastructure projects
- Power, Petrochemical and Onshore Oil and Gas projects
- Machinery insurance(click to shrink)
HDI machinery insurance provides cover if machinery or technical plant and equipment has to be repaired or replaced as a result of damage. Mobile and transportable machinery and construction equipment of all types can be insured against unexpected damage. Related costs, such as clean-up, disposal and salvage costs can also be covered if required.
- Machinery/business interruption insurance(click to shrink)
Damage-related machinery outages can bring manufacturing operations to a halt. During periods of business interruption companies suffer financial losses, which can be insured against by adding an extra insurance component. HDI machinery/business interruption insurance specifically provides cover for loss of profits, standing charges and additional costs resulting from the accelerated restoration of operational readiness.
- Construction ‘all risks’ insurance(click to shrink)
In the event of a claim, HDI construction ‘all risks’ insurance reimburses to an agreed extent the costs required to clean up the site and restore it to the pre-loss condition. The insurance sum consists of the costs of all construction work (labour costs and the replacement value of all construction materials supplied) not including gardens and ancillary construction costs. The policyholder can also insure against damage caused by fire, lightning or explosions and loss caused by theft of project-dedicated components and materials. Nevertheless, following a damage event, principals often have to pay building contractors for services already rendered. HDI construction all-risks insurance insures principals against this cost risk.
Highlights
Customer-focused technical support
Engineers with many years of professional experience in industry work for HDI as underwriters and provide support to clients on the full range of technical issues.
High level of capacity
HDI has substantial cover capacity readily available to provide insurance for major projects.
Insurance cover worldwide
The performance of local contractors is covered. Companies with worldwide operations can be covered through an international insurance programme.
Access to professional claims management service
HDI provides claims management services based on experience, ranging from restriction and rectification of damage to reliable claims settlement.
Risk Consulting
Skilled risk advice and support
HDI Risk Consulting provides a cross-industry risk engineering service to help clients identify and quantify risks. Where necessary they can recommend risk-reduction and risk-avoidance actions. Risk engineers assess technical risks, which can result from the condition and operation of machinery, and plant and equipment. Construction project advice and support is provided in line with the relevant safety and security related requirements through local inspections and central coordination.
Experts’ tip
Drafting emergency action plans
In the event of extreme weather conditions or an outbreak of fire, an emergency action plan facilitates taking prompt and effective damage-limitation action, thereby reducing the extent of damage or loss.
