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Engineering Insurance

Introduction

Engineering insurance refers to the insurance that provides economic safeguard

to the risks faced by the ongoing construction project, installation project,
and machines and equipment in project operation. Product categories: Depending
on the project, it can be divided into construction project all risks
insurance and installation project all risks insuranc; depending on the
attribute of the object, it can be divided into project all risks insuranc,
and machinery breakdown insurance.

Insurance Period: the same as the construction period of the project.

Functions

1. Loss compensation

Material loss: the insured project loss caused by any accidents or natural
disasters except the exclusions.

The third party liability: according to law, the insured shall assume the
compensation liability for the personal injury or property damage to the third
party in construction sites and adjacent areas caused by the accident that
directly relates to the insured project.

Exclusions: engineering design, construction technology error, construction

material quality defects, mechanical damage of machinery and equipment that
happens without external momentum...

2. Special clause

More than 40 special clauses are available on the basis of risk assessment and
payment of additional expenses, including clauses in respect of strike, riot,
and civil commotion, limited liability insurance period clause, extended
liability guarantee period clause, special fee clause, clause in respect of
buildings and tunnels in earthquake region.

Target Customers

Construction and installation projects in the process of "going out" of

construction enterprises, real estate enterprises, production and processing
enterprises, electrical power, gas and water production and supply
enterprises.

Process

1. Insuring process

2. Claim settlement process

Case

Algeria highway project is by far the largest Chinese overseas investment

project, and the total amount reaches USD 6 billion. A large domestic
construction enterprise is responsible for the design and construction of the
project's central and western part. There are many participants of this
project, and risks of this project are complex.

Bank of China Insurance Company considers the project risks, and provides an
insurance scheme with a full range of security, reasonable insurance
conditions, and risk management according to international practice. It
exclusively insured the project risks with the third party liability insurance
for the central highway of Algeria, and the total insured amount was USD 1.1
billion.

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