Mr Faris Attrickie, General Manager of Technical Operations at SIC Insurance Company PLC, has revealed that Engineering and Construction Insurance Policies are critical and protect against material damage. He stated that it also works against unforeseen and physical loss and damage from any cause other than those excluded under the policy.
Mr Attrickie made the revelation at the seventh edition of the “End of Month Stakeholders Engagement Day” seminar – an initiative which creates a platform for both the state and non-state actors to address national issues. He noted that there is a third party liability cover which covers both accidental and third party injuries. He, thus, encouraged engineers to go for the policy.
“There is also a third party liability cover up to and not exceeding the amount specified for which the insured shall be legally liable to any consequent on: accidental bodily injury or illness to third parties, and damage to property belonging to third parties.
“Contractors All Risk and Erection All Risk, Machinery Breakdown and Construction Plant and Machinery, Electronic Equipment, Boiler and Pressure Vessel Insurance Policy are covers which seeks to provide cover.”
Faris Attrickie
Mr Attrickie stated that these policies pay all legal costs and expenses of third parties and all expenses and costs incurred with the written consent of the insurer.
“Cover can also be extended for the loss of or damage to Contractor’s plant and machinery used for the construction/erection”.
Faris Attrickie
The General Manager explained that the Machinery Breakdown and Construction Plant and Machinery covers unforeseen and sudden physical loss or damage from causes such as: defects in castling and material, faulty designs or from any other causes not specifically excluded in a manner necessitating repair or replacement or cash payment whilst the machine is at work, at rest or being assembled.
On the other hand, the Electronic Equipment policies cover indemnifies the insured for loss or damage resulting from causes such as: negligence, operation, willful act by third parties, explosion, implosion, over voltage, under voltage. The cover applies whether the insured items are at rest, at work or being dismantled.
Mr Attrickie noted that the Boiler and Pressure Vessel Insurance Policy provides indemnity against damage to the insured boiler as a result of explosion or collapse.
“The policy also covers damage to the third party property and bodily injury or death to third parties. All legal costs and expenses of third parties are paid, as well as all expenses and cost incurred with the written consent of the insurer.”
Faris Attrickie
Mr Attrickie therefore, appealed to the corporate bodies to seek for insurance knowledge at all times, saying “let us not assume or just pretend that nothing wont happen. Events do occur and that is why there is the need for protection at all times”.
Mr Attrickie charged insurance companies to be up and doing in payment of compensations to victims. He implored them to eschew from unnecessary delays in payment of compensations to victims in order to change the impression that insurance companies only exploit the citizens and do not compensate them. He disabused the mind of Ghanaians stating that the industry has spent millions of cedis on compensations up to date. He concluded that, the notion that insurance companies do not pay compensations to victims are not true.
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