Al Mashreq Insurance offers a wide range of insurance solutions tailored to suit your engineering and construction projects, these include contractors' all risks, installation erection risks, and machine breakage coverages. Our team’s commitment and dedication to clients will secure a safe future for your engineering and construction projects.
Should this insurance interest you?
These insurances target engineering offices, contractors, construction and agricultural institutions upholding projects of civil society organizations.
1. Contractors’ All Risk Insurance:
This insurance covers the losses owners or contractors incur while implementing a “project” when this project requires repair, replacement, or re-repair as a result of sudden unexpected loss or damage during implementation or/and maintenance. This insurance incorporates the following coverages:
A. Material interests:
Contract works (which includes all material costs involved in those works), and all permanent or temporary works that will be carried out through the “project”, including:
- Property associated with the project whether it was on the site, stored, or in transit, in addition to other property belonging to the owners (existing property)
- Contractor's equipment, machines, and temporary fixtures required for construction at the project site.
- The costs of "rubble removal."
- Architects / consultants' fees.
- Air shipment.
- Overtime and night shifts costs.
B. Civil liability to a third party:
Under this insurance, you will be reimbursed for the amounts that you become legally obligated to pay, without exceeding amounts declared in the policy table. This incorporates the following:
- Physical injuries or illness inflicted on others (fatal or not)
- Losses and damage to property belonging to others.
The cover can be extended to include Cross Liability. In such case, Civil Liability Insurance towards third parties applies to the parties mentioned in the schedule under the insured item (project owner, contractor, subcontractors, and engineers) as if an independent document had been issued for each one of them.
Calculating premium value:
Insurance premiums are calculated based on the type of risks included in the policy, the limit, in addition to the nature of the project under implementation, its term, location and safety procedures.
2. Machinery Breakdown Insurance (Machines malfunctions):
This insurance covers material damages and losses, due to an unexpected breakdown of the insured devices and machines, which necessitates their repair or replacement, whether they were at work or at rest, or being dismantled for the purpose of cleaning or overhauling.
The premiums for this insurance are calculated based on its limit, in addition to the nature, type and value of the machine.
3. Contractor’s Machines and Equipment Insurance:
This insurance covers your machinery and equipment from the risk of capsizing, fire, theft, collision, according to the terms and exceptions of the equipment insurance policy during course of operation.
Calculating the value of insurance premiums
The premiums for this insurance are calculated based on the risks involved in it, its limit, in addition to the nature, type and value of the equipment.
4. All Installations Risks Insurance:
This policy provides cover from unexpected and sudden material losses or damages that may occur to electrical or mechanical construction work, contractor equipment and machinery, and existing main and temporary facilities. Including the associated risks of loss or damage during the testing or delivery phase. It also provides cover for the contractor from potential liabilities to third parties.
Some of the covered risks are fire, thunderbolts, explosions, floods, water inundation, windstorms, earthquakes, theft, burglary, negligence, malicious acts, errors and overlooking, and bad workmanship, errors in construction, electrical faults, overvoltage, overpressure or vacuum and rupture induced at the expense of centrifugal force.
Calculating insurance premiums:
Insurance premiums are calculated based on the type of risk covered by the policy and its limit, in addition to the nature, term and location of the project under implementation, and finally the safety measures followed.
How can I obtain these insurances?
You can obtain these insurances by submitting an application via the website, or by contacting us directly on 022958090, or by visiting one of our branches or offices.
You can support your engineering and construction projects with the benefits granted in our insurances, such as:
- Work Injury Compensation Insurance.
- Employees Personal Accident Insurance.
- Business Vehicle Insurance.
- Fire, Theft, and Allied Business Perils Insurance.
- Civil Liability Insurance.
For Inquiries, please contact us directly on the customer service number 02-2958090.