It is a group of coverage modalities that cover certain risks derived from the operation in industrial spaces and their surroundings. From the beginning of the assembly of a plant, to the testing of large-scale construction machinery or the scope of the works themselves. This is Insurance Engineering Branch.
Its main modalities are:
The purpose of this insurance is to guarantee the damages that may be suffered by the goods of a work executed, the materials to be used and in the place of construction, as well as the auxiliary construction machinery and equipment. The risks covered by this insurance model, are understood by the damages produced by the phenomena of nature, such as: (rain, earthquakes, wind, among others).
Faults or errors in construction work and the risks that may arise (fire, theft, explosions, among others). Optionally, they can be covered by civil liability.
Guarantee the damages that the machines, equipment or industrial plants described in the contract may suffer due to accidental events inherent to their operation or handling (manufacturing defects, materials or design of any element of the Industries, impact or entry of foreign bodies, overheating) of systems due to refrigeration failure, among others). Normally, risks of a conventional nature are excluded, for example: fires. And as well as the derivatives of own wear or use of equipment.
It is applicable in installations or industrial plants during its pre-installation, installation or assembly phase. It requires the execution of the standards and compliance with safety standards, for the efficient execution of the work. Its aspects are similar to construction insurance, only that in this, it is used only for opening works.
Damages caused by the data processing equipment may suffer described in the contract, and even its auxiliary facilities, as a result of any incident of an accidental nature, except those expressly excluded. Generally, damages caused by wear, assembly or disassembly, influence of temperature and those that must be borne by the manufacturer are excluded, in accordance with the maintenance contract that is required to have been arranged by the insured.
Coverages can also be extended to the costs of data collection due to the loss of information as a result of a material damage to the magnetic media (tapes, discs, among others), and even the loss of profits or the increase in cost. of exploitation, in certain cases. By extension, this type of insurance can be applied to another class of electronic equipment (medical devices, telecommunication, etc.). According to the markets, this insurance can also be called Weak Current or Electronic Equipment insurance.
This modality, developed fundamentally in the English market, was born in the middle of the 19th century as a protection formula against the frequency of serious accidents derived from the explosion of steam boilers. It constituted the first modality of the denominated insurances of Engineering or Technical Branches.
It fulfills two different but complementary purposes: on the one hand, to guarantee the damages that may be suffered by the boilers or pressure vessels themselves as a result of their explosion or damage, as well as other assets of the insured that may also be affected, as well as civil liability before third parties that may arise from said accidents; on the other hand, provide periodic inspections of the facilities through the engineers of the insurance company (this supervision is mandatory in Great Britain as a result of the Boiler Explosion Law).