Industrial & Engineering Insurance
Protection For Plants, Machinery And Operations
Industrial and engineering insurance protects the assets that keep a factory, plant or facility running — buildings, machinery, boilers, electronic equipment and stock — and the profits that depend on them. MILES structures programmes for manufacturers, warehouses, hospitals, data centres and infrastructure owners, combining all-risk property cover with engineering covers for breakdown.
Covers We Structure For Industry
Industrial All Risk (IAR)
One all-risk policy for large industrial sites covering material damage and, optionally, business interruption.
Machinery Breakdown
Sudden and accidental breakdown of plant and machinery, including repair and replacement costs.
Machinery Loss of Profits
Lost gross profit when a machinery breakdown stops or slows production.
Boiler & Pressure Plant
Explosion or collapse of boilers and pressure vessels, and resulting damage to surrounding property.
Electronic Equipment
Computers, control systems, medical and electronic equipment against accidental damage and breakdown.
Contractors' Plant & Machinery
Mobile plant such as cranes, excavators and loaders, wherever they are working.
What is industrial and engineering insurance?
Industrial and engineering insurance protects the physical assets and income of businesses that depend on plant and machinery. It brings together two kinds of cover: property cover for damage from external events such as fire, flood and storm, and engineering cover for internal failures such as mechanical or electrical breakdown, which a fire policy does not pay for.
Covers we place
| Cover | What it protects |
|---|---|
| Industrial All Risk (IAR) | Large industrial sites against all risks of physical damage not specifically excluded, with optional business interruption |
| Machinery Breakdown (MB) | Sudden and unforeseen breakdown of machinery from electrical or mechanical causes |
| Machinery Loss of Profits (MLOP) | Loss of gross profit when a breakdown interrupts production |
| Boiler & Pressure Plant | Explosion or collapse of boilers and pressure vessels, and damage to surrounding property |
| Electronic Equipment Insurance (EEI) | Computers, control panels, medical and electronic equipment against accidental damage |
| Contractors’ Plant & Machinery (CPM) | Mobile plant such as cranes, excavators and loaders |
| Deterioration of Stock | Spoilage of refrigerated stock after a breakdown of cooling equipment |
Who needs it
- Manufacturers whose output depends on critical machines, production lines or utilities.
- Warehouses and cold chains where equipment failure can spoil or damage stock.
- Hospitals and laboratories with high-value diagnostic and electronic equipment.
- Data centres, telecom and infrastructure operators relying on power and cooling systems.
- Commercial buildings and housing societies with lifts, DG sets, transformers and fire-fighting systems.
Getting the programme right
Values
Machinery should usually be insured at its current replacement value — the cost of a new machine of the same kind and capacity, including freight, duties and erection. Insuring at book value can lead to a reduced claim.
Critical machines and spares
Identify the machines whose failure would stop production, how long replacements would take to arrive, and whether critical spares are held. This drives the loss-of-profit indemnity period you need.
Maintenance
Insurers expect planned maintenance and statutory inspections of boilers, lifts and pressure vessels. Keeping these records up to date protects your claims.
How MILES helps
We review your asset register and existing fire and engineering policies, remove overlaps and gaps, recommend the right values and indemnity periods, and place the programme with insurers that have strong engineering claims capability. For projects under construction, see construction insurance; for fire and allied perils, see fire insurance.
Cover, exclusions and premiums depend on the insurer’s policy wording and underwriting. MILES Insurance Brokers Pvt. Ltd. is an IRDAI-licensed direct broker (Reg. No. 954); the insurance is issued by the insurer. Insurance is the subject matter of solicitation.