Engineering Insurance
The financial and economic consequences resulting from physical and unexpected damages on the contracting projects, are always a major concern for clients and contractors. Parsian Insurance Company, as one of the most reliable insurance companies in Iran, along with identifying the needs and concerns of the authorities, has the honor to present appropriate covers for transferring financial risks threatening civil, industrial and infrastructural projects, thanks to its high financial capability, know-how and skillful experts.
Why Engineering Insurance? Why Parsian Insurance Company?
The infrastructural, civil and industrial projects in all stages of construction, installation and during maintenance and operation may encounter various dangers. Parsian Insurance Company’s engineering insurances are a good solution for transferring these risks and creating peace of mind for the authorities of the projects. For instance, contractors all-risk insurance and erection all-risk insurance cover all risks in the engineering insurance policies and they compensate for any natural risk, human risks and damages on third parties (besides some exceptions). By utilizing the technical and insurance specialists and the ability to accept different types of engineering insurance covers, Parsian Insurance Company tries to provide financial and economic peace and safety. .
Types of Engineering Policies
In order to provide you, as our compatriots, safety and peace of mind, Parsian Insurance Company has launched various types of fire insurance policies for residential units (including residential apartments and colonies), industrial, business and office units, as well as workshops and warehouses, under which all risks caused by fire and natural disasters and accidents are covered. Further, by presenting civil liability insurance policy against neighbors, Parsian Insurance Company insures your liability against neighbors in case of occurrence of insured perils.
A)Civil Development and Infrastructural Projects Construction Period Policies Contactor’s All Risks Insurance (CAR)
Considering Art. 21 of the General Conditions of the contract, based on which the contractors are obliged to insure their executive operations, it is mandatory to provide contractor’s all-risk insurance for covering the civil development and infrastructural projects. Parsian Insurance Company’s All-Risk Insurance Policy provides a full and all-inclusive cover against all damages caused by natural disasters or those caused by human beings during the project development (from land delivery until the final delivery of the project to the client). In this policy, damages incurred to third parties resulting from execution of operations are also covered. In addition, the maintenance period after provisional delivery of the project, known as guarantee period, is also covered.
Erection All Risks Insurance (EAR)
The covers presented in this policy is completely similar to contractor’s all risks policy. The difference is that erection all risks insurance is used for covering various types of the machinery and erection of power plants, refineries, petrochemical units, telecommunication facilities, water, gas and oil pipe-laying operations, etc. since one of the major concerns of the owners and authorities of these projects, is the risks during testing and operation stages, the risks of this period are also covered. Further, provided an extra amount is paid, the risks during land transportation of equipment are also covered. This policy also provides maintenance period (or guarantee period) cover after provisional delivery.
Delay in Start Up Insurance (DSU)
It is possible that due to occurrence of an accident leading to damages, the start-up time of civil development projects are delayed and as a result huge amounts of losses and damages may be incurred. In order to meet this need, Parsian Insurance Company presents delay in start up insurance.
B) Parsian Insurance Company Contractor’s Plants and Machinery Insurance (CPM)
Machinery and equipment form a major part of the assets of the contactors and owners of projects. Contractor’s plants and equipment insurance, covers all risks that may threaten all machinery and equipment used by the contractors in the projects (except those items excluded in the policy). As a matter of fact, this policy presents body insurance cover for all machinery with no specifications tag and the fixed equipment existing in the project site. By presenting contractor’s all risk plants and machinery insurance, Parsian Insurance Company provides the possibility that the damaged machinery are repaired and back to the executive operations, as quickly as possible.
Machinery Breakdown Insurance (MB)
This policy is issued for the machinery installed in production lines of the industrial and manufacturing factories. Under this policy, damages resulted from technical defects of the machinery and facilities are paid for.
Electronic Equipment Insurance (EE)
Despite their small size, electronic equipment often have high values; they are vulnerable too. In order to cover the damages on these sorts of equipment, Parsian Insurance Company has launched electronic equipment insurance (EE). Under this policy, the physical damages on equipment like strokes, fire, thunderbolt, explosion and fall are covered.
Parsian Insurance Company’s Principal and Hidden Defects of Residential Buildings Policy
Since there are some nonstandard construction projects and as a result the buildings may totally or partly collapse, by presenting principal and hidden defects of residential buildings policy, Parsian Insurance Company covers the costs caused by collapse or damages to the buildings as a result of inappropriate design, incorrect supervision and the use of defective and nonstandard materials, for 10 years as of the date of issue of certificate of occupancy. The expenses for preventing more damages, site cleanup and removal of wastes may also be covered, provided an extra premium is paid.
Parsian Insurance Company’s Deterioration of Stock (DOS) Insurance
The goal of presenting deterioration of stock insurance is to meet the needs of those people who have stored their commodities in cold storages and they seek an insurance cover against deterioration of their goods due to breakdown of the cooling machinery. By deterioration of stock insurance, Parsian Insurance Company compensates the damages on the retainable goods at the cold storage. It is worth mentioning that the purchase of machinery breakdown insurance is a pre-requisite for purchasing deterioration of stock insurance.
Parsian Insurance Company’s Civil Engineering Completed Risks (CECR)
Since the engineering projects, upon completion of the executive operations and during the exploitation, are still exposed to natural disasters, in this policy such structures like dams, bridges, tunnels, roads and jetties that are already in operation, are covered against such risks as flood, overflow, earthquake, land subsidence, fire, explosion, hurricane, cold and freezing weather, etc.
Parsian Insurance Company’s Machinery Loss of Profit (MLOP)
In some cases, the loss of profit damages are much higher than the physical damages on the machinery and plants. By obtaining this policy, you can claim the losses for production interruption in case of any stoppage in production lines (due to damages).
Parsian Insurance Company’s Boiler and Pressure Vessels (BPV)
In this policy, damages to boilers and pressure vessels as well as damages on third parties and the adjacent properties of the policyholder, due to explosion, are covered.
Parsian Insurance Company’s energy Insurance
The civil development and infrastructural projects under construction for exploitation of oil, gas, their processing and distribution as well as petrochemical projects, are known as energy projects in the insurance industry. Considering the nature of risk and the value of the insured items in energy projects, for each of the underway and in-operation projects, the reinsurance rates and terms are inquired from reliable foreign insurance companies, and upon the agreement of the project authorities, the amount additional to local market maintenance portion is reinsured with reliable reinsurance companies. An insurance policy issued for offshore activities has got a certain text and it is different from an erection all-risk policy issued for onshore operations.
The drilling of wells, installation of platforms, piping and side facilities are usually carried out in the sea; oil and gas, upon extraction, are piped to the onshore facilities and the treatment process is carried out in the processing unit. In this way, the works are partly done offshore and partly onshore. Usually, the offshore all-risk insurance rate is higher than that of the onshore.
Parsian Insurance Co. has covered the following projects in Assalouyeh:
• SPD-6,7 & 8, offshore section
• SPD-9, Jacket installation,
• SPD-9 & 10, Onshore section
• SPD-9 & 10, transfer of equipment
In addition to those projects, whose policies are directly issued in Parsian Insurance Co., the company participates as a co-insurer in the insurance of all petrochemical projects and the gas processing units of the country.
Parsian Insurance Company’s Vessel Insurance
In the hull insurance, the insurance company, based on the type of the vessel, is responsible for compensating the damages on the body of the vessels and in some of the covers, the liability resulting from collision as well as total loss is also covered.
The vessel is covered by insurance under two policies:
A: Time insurance
B: Travel insurance
The vessel insurance policies are based on the clauses developed in the international insurance market and the rates and conditions are set according to these clauses. In order to cover a vessel, it has to be inspected by qualified rating institutes and it must have the related certificates.
There are various factors effective in the vessel insurance, such as:
Type of the vessel, the year it was made, value of the vessel, territory, flag, management and title, rating, tonnage, type of the consignment, damage records, insurance period, and the situation of the insurance market,
In addition to the damages made to the vessel’s body and the machinery, the three-fourth of the civil liability resulting from the collision is also covered.
For announcing the insurance rate, the applicant must submit the following documents:
• Registration and operation license,
• Certificate of rating,
• Certificate of safety,
• Certificate of seaworthiness
PARSIAN INSURANCE COMPANY’S AIRCRAFT INSURANCE
There are different types of policies issued with respect to the aircraft.
A: Hull Cover
In case the airplane is partially damaged or completely destroyed due to an accident, the insurance company shall compensate the damages under the terms and conditions of the policy and to the extend laid down in the table of specifications. The expenses of emergency landing and airplane rescue operations are also covered in this policy.
B: Third Party Liability
In case due to the airplane crash or fall of parties or objects from airplane, any third party receives property or life damages, and the policyholder is legally recognized to be responsible for such loss, the insurance company shall compensate the losses to the extent mentioned in the policy. The costs of legal proceedings are also covered.
C: Liability for Passengers
The bodily damages to passengers during boarding time and while they are in the airplane as well as when they are leaving it, are covered in the policy under passengers insurance.
An indemnity limit is considered for each passenger, sometimes subject to international conventions. In addition, an amount is considered to insure the passenger’s cargo. In case the cargo is lost, or sent to a wrong place, the insurance company shall pay the damages up to the limits specified in the policy.
D: Crew Personnel Accident Insurance
An indemnity limit is considered for the people giving services in the airplane, including pilots, flight attendants, etc. In case they are killed or wounded in a flight accident, the insurance company shall indemnify the death or hospital costs.
E: Deductible Insurance
Since a remarkable franchise is considered in the aircraft hull insurance, the said franchise could also be insured.
F: Loss of License Insurance
Pilot’s deprivation of flying or loss of license due to the pilot’s disease, disability and other issues may also be insured in the aircraft insurance, and the pilot shall be the beneficiary of this insurance. This policy is presented in two forms: individual and group policies.