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26Sep 2018

The 411 of engineering insurance

Engineering insurance

Engineering insurance by King Price is professional, specialised cover for the niche risks that engineering contracts, plant and works encounter, as well as cover for third party liability that insured incidents in this space could incur.

Businesses and industries are becoming more proactive when it comes to managing risk. Particularly, the construction and engineering sector. History has been a cruel teacher, doling out some harsh lessons to these business owners when it comes to risk management. As a result, the demand for flexible and comprehensive insurance grew louder than a noisy newborn tiger. Who, if you don’t know, can be pretty loud… On a side note, that’s the last time we try start a nursery for tiger cubs.

Hearing the cry from this highly specialised industry, the king went to his secret lair (kind of like Batman). He called in the experts and worked on an engineering insurance product that would be super affordable and do its job of protecting engineering businesses against relevant risks encountered during contract implementation and execution.

If you’re not an expert, then this can be pretty complicated to understand. So, we’ve done you a solid and removed the confusion out of this product by explaining exactly what’s covered.

What engineering insurance does

In the shell of a nut (sorry, we’re feeling whimsical today), a decent engineering insurance policy should cover the niche risks that engineering contracts, plants, and works face. Of course, it should also include cover for third party liability across a variety of areas where third parties would be vulnerable… Because that means that you’re vulnerable, too.

But what kind of cover should you look for

There’s no 1-size-fits-all insurance solution for these businesses… After all, no company is exactly the same and even if you’re in the same industry, you’ll each have your own specific areas of vulnerability that you want to cover.

There’s also no point in paying for cover that you don’t need. When it comes to our royal engineering insurance product, you’ll find true flexibility. How? Simply, we’ll give you the opportunity to choose cover for different situations and concerns.

This way, you can choose the cover you want and avoid paying for what you don’t need. Which just makes sense.

What’s actually included with the king’s cover

The first thing we did was to pull together a specialist engineering insurance team that knows your industry. They have innate knowledge of the challenges, risks and threats that you face. Then we created professional, specialised cover for engineering contracts, plant and works. Here’s what’s include…

The king offers 8 sections of cover:

  1. Contract works (including public liability cover).
  2. Plant all risks, which includes cover for hired items and public and road risk liability.
  3. Advance loss of profit.
  4. Electronic equipment and the option to cover re-instatement of data and business interruption.
  5. Machinery breakdown (including consequential loss), with the option to cover deterioration of stock.
  6. Machinery movement, with the option to cover removal of support and public liability.
  7. Transit and erection (including public liability cover).
  8. Works damage.

The king will save the day

When you place your engineering contracts, plant and works in our royal hands, we’ll make it a top priority to get to know you and your business so that we have a practical working knowledge of your insurance needs. More than that, we’ll work closely with your broker. In fact, it’s our number 1 rule to only work through a qualified broker who can advise you on your risks and needs. It keeps things above board and in everyone’s favour.

If you don’t have a broker, don’t despair! We have the means to connect you with a firm that ‘gets you’ and your business. And that’s just the start of how we look after you!

When others don’t make sense, we do. Get a quick quote here or call our royal sales team on 0860 21 00 00.