This is insurance issued in engineering related activities against perils with the purpose of safeguarding risks faced by the ongoing constructions project, installation project, and machines and equipment in project operation. Under Engineering Insurance product, NIC offers the following engineering insurance product types
- Contractors Risks (CAR): Insurance covers construction of building and bridges and it may include transit risks too.
- Contractor plant and machinery (CPM): Under this insurance we cover constructional tools and equipment against all external damage from variety causes.
- Erection All Risks (EAR): Under this insurance product NIC covers loss or damage to civil works caused during the installation of machinery or equipment in the factory or office which are incidental to erection of the plant or machinery.
- Machinery Breakdown Machinery (MBI): Under this insurance policy product NIC covers plant, machinery, and mechanical equipment at work, at rest, or during maintenance operation.
- Loss of Profit Following Machinery Breakdown (MLOP): This is an insurance policy product that covers for actual loss of profit sustained as a result of business interruption
- Deterioration of Stock Insurance: This engineering insurance policy product covers deterioration of perishable goods or stock as s result of breakdown or material damage to be cold storage house machines.
- Electronic Equipment Insurance (EEQ). It is an engineering insurance policy product that provide a comprehensive cover for unforeseen and sudden physical loss