Bonds and Engineering

Bonds and Engineering
Bonds and guarantees are in actual fact function of Banks. However, in general insurance it is written to support engineering portfolio where contractors are issued various types of bonds/guarantees as given hereunder:
1. Bid Bond.
2. Performance Bond
3. Advance payment Bond.
4. Retention Money Bond.
5. Maintenance Bond
6. Custom Bond
7. Transportation Bond.
Engineering Insurance covers the following insurance policies:
1. Errection All Risk (EAR) Insurance
This policy provide protection to principals, contractors & sub contractors during errection of Plant, Machineries, any kind of steel structures and heavy equipments against loss or damage by variety of hazards including third party claims in case of bodily injuries or property damage during execution of erection work. Unlike named perils, if is an all risks insurance including natural hazards and other perils.
1. Contractors All Risk (CAR) Insurance
This insurance provides comprehensive coverage against loss or damage caused to project works, equipment and plant & machinery. This insurance also indemnifies the insured in case of property damage and/or bodily injuries of third party while executing construction work on respective projects. It is also an all risks insurance covering natural hazards and other perils
1. Machinery Breakdown (MB) Insurance
Industrial Plant, Machineries and Equipment devising operational period are covered for breakdown under Machinery Breakdown Policy against sudden and unforeseen losses. The insurer indemnifiers the insured for repairs/replacement bringing the machinery to its pre-loss conditions.
1. Electronic Equipment (EE)Insurance
Electronic Equipment Insurance indemnifiers the insured against sudden & unforeseen causes resulting in loss or damage to equipment during their operational mode. The following equipment can be covered in Electronic Equipment Insurance:-
1. Telecommunication
2. Testing & Research
3. Audio Visual
4. Computers.
5. Scanner Machines.
6. Office Equipments.
7. Electro Medical Equipments.

Chairman’s Review

uture Outlook

The Chairman’s review included in this report gives comprehensive scenario on the overall performance of your company during the year and its prospects for the future. The Directors fully endorsed the views of the Chairman and would like to follow the guidance for growth and prosperity of the company in years ahead.