Engineering insurance protects buildings and civil engineering projects from actual physical damage and losses during construction.
Engineering insurance protects buildings and civil engineering projects from actual physical damage and losses during construction.
EAR is a form of property insurance which provides protection against losses arising as a result of physical damage or accidents during the construction or installation period of any building, and/or civil engineering projects.
Construction of Residential Units/Condominiums.
Some of the perils/hazard covered:
Requirements:
Installation of individual machinery, apparatus and assemblies such as turbines, generators, 5 steam boilers, compressor, internal combustion engines, electric motors, transformers, rectifiers, switch gears; Machine tools, pumps, elevators, crane conveyor belts, cable-ways; Erection of complete factories and industrial plants, such as electric power stations, sugar mills, plywood plants, cement plants, steel mills, paper mills, textile mills, refineries, fertilizers and chemical plants, food processing plants, etc.
Some of the perils/hazard covered:
Two (2) Basic Sections of an EAR Policy
Section 1 -Material Damage Section
Insures erection and testing at the site of all kinds of individual machines or a conglomeration of machineries, it includes civil engineering works, freight, custom duties and dues/cost of erection. Clearance of debris and properties held in care, custody and control of the insured. Machinery, plant and equipment required for erection may also be included.
Section 2 -Third Party Liability Section
This covers for legal liability arising out of property damage or bodily injury (whether fatal or not) suffered by third parties in connection with the erection works and happening within the immediate vicinity of the erection site.
Maintenance Cover maybe granted to completed structures, the liability is limited to loss or damage caused by the Insured in the course of the operations carried out for the purpose of complying with the obligations under the maintenance provisions of the contract.
Provides an all risks of physical loss, destruction, or damage to electronic equipment such as laptops, computer system, it covers the following but not limited to:
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The birth of MAA General Assurance Phil., Inc. (MAAGAP) took place when its parent company, MAA International Group Ltd. (MAAIG) from Malaysia ventured to strategically expand its business in Asia. MAAIG is an offshore composite insurance company licensed under the Offshore Insurance Act 1990 in Labuan International Offshore Financial Centre (IOFC) to underwrite life and general insurance and reinsurance business. Gearing for the planned expansion, MAA procured the insurance license of the then Paramount Insurance Corporation and renamed it MAA General Assurance Phil., Inc.