The rapid industrialization of our country has led to the increasing use of machines in the industry. Though the use of machinery results in increased production capacities, in the event of accidents and breakdowns, they can be potential sources of financial loss and could even result in the closure of the business.
In spite of proper care and maintenance of machinery, mishap may yet occur. Sometimes the extent of the damage may be quite high and may also lead to fatal or nonâ€fatal injuries to human beings nearby.
The remedy for such losses is offered by means of the pecuniary protection given under engineering insurance policies.
Different types of Engineering Policies Issued by Insurance Companies are: