Engineering Insurance is divided into two main groups.
The first group comprises of classes which provide material damage cover in respect of Machinery Breakdown, Boilers, Electronic Equipment, and Contractors All Risks and Erection All Risk Insurances. The insurance cover available extends from the construction of a plant or from the erection of a machinery up to the continuous use of plant or machinery.
The second group is made up of classes which covers the economic loss. Such classes are Deterioration of Stock and Machinery Loss of Profits insurance. Bonds are classified under this group. The Perils, which prevail during the different periods, determine the extent of cover provided by the different policies