MET - engineering

Construction and contract works are complicated, subject to constant change and exposed to varying forms of risks at every stage of the process. These risks, if not accurately evaluated and catered for, could result in relatively large losses that easily bring a business to its knees.

At MET, our Specialist Underwriters, Risk Engineers and Claims Adjusters understand the challenges of the industry and will deliver the best service when you need them most.

The following, is a brief overview of our specially designed engineering products.

CONTRACTORS’ ALL RISKS (CAR)

The CAR policy offers a comprehensive and adequate protection against loss or damage in respect of the contract works, construction plant, equipment and machinery, as well as against third-party claims in respect of property damage or bodily injury arising in connection with the execution of a construction project.

A CAR policy may be concluded by the principal or by the contractors engaged in a project, including all sub-contractors.

Under the CAR policy, every hazard is covered which is not specifically excluded. This means that almost any unforeseen and sudden physical loss or damage occurring during the period of insurance to the property insured on the construction site will be indemnified.

The cover starts from the commencement of work, or after the items entered in the schedule of the policy have been unloaded at the site, and terminates when the completed structure or any completed part thereof is taken over or put into service.

The insurer’s liability for construction machinery, plant and equipment (optional cover) commences from their unloading at the site and expires on their removal therefrom.

ERECTION ALL RISKS (EAR)

The EAR policy offers comprehensive and adequate protection against all the risks involved in the erection of machinery, plant and steel structures of any kind, as well as third-party claims in respect of property damage or bodily injury arising in connection with the execution of an erection project.

The insured under an EAR policy is normally:

The manufacturer or supplier of machinery or plant if he carries out the erection work or is responsible for it, or
The firm commissioned with erection work, or
The purchaser of the machinery or plant to be erected

Under the EAR policy every hazard is covered which is not specifically excluded. This means that almost any unforeseen and sudden physical loss or damage occurring to the property insured on the erection site during the period of insurance will be indemnified.

The cover commences directly after the unloading of the items to be insured at the site and continues until the erection work and testing operations have been completed.

CONTRACTORS’ PLANT AND MACHINERY (CPM)

CPM insurance policy covers all ”Plant or machinery” which render service only when moving and under control of an operator.

This is an insurance of contractors’ plant and machinery on an annual basis. The cover, which is similar to the scope of Machinery Breakdown (MB) insurance but excluding internal break-down, applies at work, at rest or during maintenance operations and is not limited to a specific construction site.

Third party liability cannot be covered under contractors' plant and machinery insurance. A separate liability policy must be concluded.

MACHINERY BREAKDOWN

It was developed to grant industry effective insurance cover for plant, machinery and mechanical equipment at work, at rest or during maintenance operations and it is an annual policy.

All types of machinery, plant, mechanical equipment and apparatus may be covered under machinery insurance.

Items having a short service life compared with the entire plant are normally excluded from machinery insurance, these are mainly:

All types of interchangeable tools
Belts, chains, ropes, sieves, engraved cylinders, stamps, dies
Parts made of glass, ceramic or wood, rubber tires
Operating media of any kind such as fuel, gas, refrigerants, catalysts,

liquids, lubricants (oil in transformers and circuit breakers is, however, included since it is not only a coolant but also serves as an insulation agent)

The policy covers any unforeseen and sudden physical loss or damage from any cause such as defects in casting and material, faulty design, faults at workshop or in erection, bad workmanship, lack of skill, carelessness, shortage of water in boilers, physical explosion, tearing apart on account of centrifugal force, short-circuit, storm, or from any other cause not specifically excluded in a manner necessitating repair or replacement,

ELECTRONIC EQUIPMENT

This policy covers electrical and electronic systems. Under the EEI policy every hazard is covered which is not specifically excluded. This means that almost any sudden and unforeseen losses which physically affect the subject matter insured are covered.

This Insurance applies whether the Insured items are at work or at rest or being dismantled for the purpose of cleaning, overhauling or of being shifted within the premises or in the course of the aforesaid operations themselves, or in the course of subsequent re-erection, but in any case only after successful commissioning.

BONDS

Contract Bonds
- Bid / Tender Security
- Advance Payment/Mobilisation
- Performance

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