Engineers and precision engineers insurance

The following is a brief summary of the insurance cover available on a UK
insurers commercial combined insurance, commercial insurance or traders
combined insurance package policy. This is an example of one insurance
companies policy.

Many insurers offer similar commercial combined insurance, commercial
insurance or traders combined insurance package policies and the insurance cover will be similar. However, please note that most commercial combined insurance, commercial insurance or traders combined insurance package policies will differ in many ways. Whichever sections are chosen, because this is a business insurance policy that is built section by section, may have differing warranties or conditions applicable. All warranties or conditions applied to commercial combined insurance, commercial insurance or traders combined insurance are very important and you should read through these very carefully.

You should always ask for your commercial combined insurance, commercial insurance or traders combined insurance quotation in writing and ensure that you read through the terms, conditions, warranties, exclusions, excesses and sums insured fully before accepting any insurance quotation. If a warranty is applicable this may mean that insurance cover will not apply in certain circumstances. For example, a public liability insurance policy may exclude the use of or application of heat (ie blowlamps). If a claim is caused by this event then cover will not apply. Or, if a products liability insurance policy does not include cover for products exported to the United States of America then insurance cover may not apply for injury, illness or damage caused by products exported to the USA. You may also need to have the electrical system at the premises checked by a qualified electrician every two or three years and a record kept of such visits.

The old adage “the cheapest is not necessarily the best” is certainly true for business insurance and commercial insurance which includes surgery insurance. Businessinsure will always provide you with a full written quotation based on your insurance requirements that we have discussed. Whilst we can advise you that we feel a quotation is suitable for you, you should always ensure that any business insurance quotation that we provide to you provides adequate insurance protection for your business.
Precision engineers and engineers business insurance policy wording summary of cover
Property Damage

Cover is on an “all risks” basis

• Floating sum insured on contents (equal to your turnover) applies across all premises

• Limits on non-ferrous metals (£5,000) and computers (£10,000)

• Portable tools covered anywhere in the UK (up to £5,000 any one claim, £750 any one item)

• Portable electronic equipment covered anywhere in the UK (up to £5,000 any one claim,

£1,500 any one item)

• Increases on total sum insured or inner limits will be considered upon request

• Optional “all risks” cover on buildings is available on “Day 1” basis with 25% uplift

Business Interruption

• Cover for Loss of Income (up to 12 months Indemnity Period)

• Sum insured equals 80% of turnover

• “All Risks” (following Material Damage)

• Loss of Book Debts included against the same perils (up to £150,000)

• Increase in standard sums available on request

Goods in Transit

• Property whilst in transit in the UK and Republic of Ireland by road, rail or inland air freight

Money

Loss of Money as defined

• in transit and at contract sites

• in bank night safe

• in premises during business hours

• in premises outside business hours in safe

• in premises outside business hours not in safe

• in the custody of travellers and collectors

• in private dwellings

Personal Accident (Assault)

Benefits are payable for injury sustained during theft or attempted theft of money or other property, resulting in

• Death

• Loss of limbs or sight

• Permanent total disablement

• Temporary total disablement

• Temporary partial disablement

• Incurred medical expenses (up to £100 or 15% of the temporary disablement benefit payable, whichever is greater)

Employers’ Liability

Indemnity Limit £10 Million (inclusive of legal costs) for any one occurrence, unless otherwise shown in the schedule

Public Liability

Indemnity Limit for any one occurrence as shown in the schedule

Products Liability

Indemnity Limit for all occurrences during any one period of insurance as shown in the schedule

Personal Accident

• 24-hour cover for specified employees suffering death or bodily injury resulting in:

• Death

• Loss of eyes, hands or feet

• Permanent total disablement from usual occupation

• Temporary total disablement from usual occupation (up to 104 weeks)

• Medical Expenses (up to £100 or 15% of the disablement benefit, whichever is the greater)

Engineering Damage to Machinery and Plant

• When more than one option is available the schedule will state which options apply

• Inspection and Cover A

• Statutory or non-statutory inspection of specified items of machinery and plant, and cover for impact damage (up to £100,000 any one occurrence) to your surrounding property caused by fragmentation of any inspected item

• Cover B

• Damage (up to £500,000 any one occurrence) either to specified items or to all machinery and plant caused by:

• Explosion, Collapse or Breakdown

or

• Sudden and Unforeseen Damage i.e. Explosion, collapse or breakdown, plus other accidental damage

• Cover C

• Damage (up to £1 Million any one occurrence) to your own surrounding property caused by explosion of any boiler or pressure vessel to which Cover B above applies