Engineering Risks
The Engineering Risks Insurance is a protection against material damages caused to civil construction worksites of any size, whether under construction, expansion, and renovation. The protection may be extended to damages in machinery and construction site equipment during the installation and assembly stages.
About the Insurance
Assured:
Civil construction companies and installation and assembly companies.
Coverage:
Material damages caused to the worksite owner.
Beneficiary:
Legal entity designated to receive the Indemnification in case of Claim.
Covered Risks:
Nature damage, Theft, Design error/manufacturer's risks, Expert's fees, Mobile equipment, Small and medium sized machine tools.
Indemnification:
Pecuniary value the Insurance Company is contractually obliged to pay to the Beneficiary, provided the claim is covered in the insurance policy.
Claim:
The occurrence of a risk covered by the policy, causing losses to the Assured; when not included in the insurance contract, it is referred as risk or non-covered occurrence.
SUSEP Circular No 621/2021 – Art. 5: The insurance proposal and contract conditions
shall inform, in accordance with the remaining requirements included in current regulation, the following:
I – the acceptance of the insurance proposal is subject to risk analysis;
II – product registration is automatic, and does not indicate approval nor
recommendation from Susep; and
III – the policyholder may verify the status of both the insurance broker’s registration and the insurer’s registration at the website www.susep.gov.br.
§ 2: The information in the item II above shall be inserted, necessarily, in each and every marketing and advertising material used.
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