Engineering insurance is the insurance that provides economic safeguard to the risks faced by the ongoing construction project, installation project, and machines and equipment in project operation. Depending on the project, it can be divided into a construction project, all risks insurance and installation project all risks insurance; on the basis of the attribute of the object, it can be divided into the project all risks insurance and machinery breakdown insurance.
It covers damages to under construction civil projects by sudden and accidental causes. It also covers the damage to the material purchased for the project at the site. It also covers third party property damage that may happen due to accident at site. Policy also covers liability for fatal or non-fatal injury to persons other than employees. The sum insured is equal to the total value of the project. It includes the cost of erection, buildings or the plant and the machinery, along with customs duty and the freight charges etc.
It is an examination that is conducted to select the surveyors and engineer for the insurance companies. It is a rather hard tough exam than other insurance exams. Licenses for insurance engineer are issued to both individuals and firms to act as Surveyor. The person who wishes to be a surveyor has to pass an IRDA exam and is need to get training for one year under an A or B category surveyor and get himself categorized as per IRDA norms. Engineers are technically qualified professionals who perform the job of assessing the losses, according to their qualifications and experience. They work as ‘consultants’ for the insurance company. Generally, they are required to be mechanical engineers. Their work includes assessing industrial accidents. The surveyor would investigate, evaluate, assess, adjust and determine the liability, negotiate and then finally submit a report.
They must hold either a fellowship or associate ship from one of the following institutions:
i. The Institute of Insurance surveyors and Adjusters, (IISA), Mumbai
ii. A degree or diploma in architecture from a recognized university or institute
iii. Fellowship or Associate-ship from the Institute of Chartered Accountants or Costs and Works Accountants
iv. A degree or diploma from a recognized institute of engineering or a degree or diploma in naval architecture.
Generally long and descriptive types of questions are asked in this examination. Maximum of ten questions are given and out of the candidates are required to attempt only eight questions.
The Examination for Insurance Surveyors Engineering Insurance Papers is maximum of 100 marks.
Time period to complete the examination is three hours.
Universities and colleges
There are several universities and colleges that offer study in engineering insurance exam.
1. Actuarial Society of India, Mumbai
2.Birla Institute of Management & Technology, Noida
3. Insurance Institute of India, Mumbai
4. National Insurance Academy, Pune
5. Institute of Insurance & Risk Management, Hyderabad
6. SVKM’s NMIMS University, Mumbai