Overview
Engineering insurance provides specialised protection for complex risks associated with construction projects, industrial operations, machinery, and equipment. As infrastructure development and industrial activity continue to grow across many markets, insurance professionals must understand the risks and coverage associated with engineering insurance products.
This course provides practical knowledge of the principles and practices of engineering insurance, including the key types of engineering policies, the nature of engineering risks, and the underwriting considerations involved in assessing such exposures.
Through structured online modules, the programme equips participants with the knowledge required to understand engineering insurance products and support effective underwriting, risk assessment, and insurance advisory practices.
Who Should Enrol
This course is designed for professionals involved in technical insurance lines and commercial risk management, including:
- Insurance underwriters and underwriting assistants
- Insurance brokers and intermediaries handling engineering risks
- Insurance agents involved in commercial insurance distribution
- Claims professionals dealing with engineering-related losses
- Risk and insurance professionals working with industrial risks
- Professionals seeking foundational knowledge in engineering insurance
What You Will Learn
Participants will gain practical knowledge and understanding of:
- The role and importance of engineering insurance in risk management
- Key types of engineering insurance policies and coverage structures
- Common engineering risks associated with construction and industrial operations
- Underwriting considerations in engineering insurance
- Policy terms, conditions, and coverage interpretation
- Best practices in managing engineering insurance risks
Learning Pathway
This course forms part of the IIEA E-Academy Learning Pathway Framework™ for Advanced Insurance Professionals, designed to strengthen technical expertise across key areas of insurance practice.
Certification
Participants who successfully complete the course requirements will receive a Certificate of Achievement recognising their successful completion of the programme.
Learning Outcomes
On completion of this course, you should be able to:-
- Explain the important aspects and the background of engineering insurance and the relevant insurance principles.
- Relate the evolution of machinery from mechanical and electrical to electromechanical machines, future development and reasons for insurance against failures and breakdown.
- Discuss the important aspects of surveys for engineering insurance underwriting.
- Describe the coverage, exclusions, and underwriting provisions of engineering-related coverages:
- Machinery Breakdown Loss of Profit insurance
- Machinery Breakdown insurance
- Boiler and Pressure Vessels insurance
- Electronic Equipment insurance
- Deterioration of Stocks insurance
- Storage Tank insurance
Course Outline
- 2.1: Coverage
- 2.2: Sudden and Unforeseen Physical Loss or Damage
- 3.1: Machinery Breakdown (MB)
- 3.2: Boiler & Pressure Vessel (B&PV)
- 4.1: Deterioration of Stock (DOS)
- 4.2: Loss of Profits (LOP) following Machinery Breakdown
- 4.3: Electronic Equipment Insurance (EEI)
- 5.1: Underwriters' Evaluation
- 6.1: Role of Adjusters
- 6.2: Appointing Specialists – Forensic Accountants
- 6.3: Adjustment Examples
- 6.4: Application of Legal Principles
