Engineering Insurance (including Tool of Trade extension)


What is it?

Engineering insurance covers the cost of repair of those items of plant where there is an element of breakdown. A good example where Engineering insurance is advisable is where you are using a crane and its breakdown could result in loss of income due to delay of a project.


Who needs it?

Engineering insurance is required by contractors who are bringing their own (or hired) equipment onto a site in order to work on a contracted project. Public Liability cover does not normally include the use of mechanically propelled vehicles.


How engineering equipment is defined will depend on a number of factors. For example a forklift truck may be classed as engineering equipment if it remains solely within a warehouse, but if it is used in a yard to which the public have access it must then be insured as a motor vehicle. Certain items of engineering equipment that can also be classed as a motor vehicle (for example a cherry picker) are ensured as a Tool of the Trade extension to a Motor policy.


We will help you determine the appropriate insurance requirements for your workplace.


What does it cover?

Engineering insurance covers the cost of repair of the items included in the policy. In addition to this policy you should consider taking out Engineering Consequential Loss, which also covers loss of income you suffer as a result of your inability to continue working while the equipment remains out of use.


What does having Engineering insurance mean to you?

By having this cover in place you can be sure that you are protected from financial loss if any equipment you own or hire breaks down during a project.