Engineering insurance | Machinery insurance

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Operating errors covered

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Key points at a glance

Fast and uncomplicated help: Technical infrastructure failures can quickly become very expensive. This engineering insurance compensates for the costs of repairs, recovering data, and rental and new devices, meaning you can recommence business activities quickly.
Financially protected: This insurance also covers you against the financial consequences of the loss of earnings (optional).
Comprehensive coverage: This insurance covers all types of technical infrastructure at your company – regardless of whether it’s a crane, IT infrastructure, a 3D printer, or turbine.

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Who needs engineering insurance?

Whether you are a long-time trade contractor, run a digital start-up, produce goods or provide services, very few SMEs today can operate without technology. It boosts efficiency, takes over entire work processes – and leaves a gap in production when it breaks down. A simple short circuit, an operating error or force majeure can mean lengthy repairs and staggering lost earnings. These are scenarios against which every SME with machinery and electronic equipment should protect itself.

Engineering insurance that pays off twice over

Technological advances make it possible to optimize your business using complex machines and systems. Many steps in a work process can be handled more efficiently or replaced entirely using technology. But at the same time, this technology harbors financial risks. While companies budget for the cost of investing in new machinery and other complex equipment, often they do not plan for their sudden loss or break down. So, the more specialized and indispensable technical systems are for your daily business, the more important it is for you to have them protected by comprehensive insurance. That way not only are the costs covered for replacement parts or a full exchange of the damaged equipment, but also the earnings that you lose due to the interruption or disruption to your operations.

What does AXA engineering insurance cover?

While many insurance companies differentiate between insurance for machinery, IT systems and electronic equipment, AXA engineering insurance automatically covers all types of technology: computers or CNC milling specialists, telephone equipment or turbines, kitchen appliances or cranes. After all, every company has a different technical infrastructure that needs to function seamlessly. You need to be sure that if something happens, the financial consequences of a breakdown or defect are covered, regardless of whether you need a repair or replacement or have added expenses or consequential costs for the machinery or electronic equipment that disrupted your operations.

Insured risks

The insurance covers damage to your company’s technical equipment that occurs suddenly and unexpectedly and is caused by external factors such as employee mishaps or deliberate damage by third parties, or which is caused internally, for example by defective construction or materials. Other potential risks:

Human error
Violent acts or sabotage by third parties
Loss/damage due to collision, impact, overturning, crashing or sinking
Defects in construction, materials, fabrication or execution
Loss/damage resulting from defective lubricants
Loss/damage due to breakage, cracks or deformation
Loss/damage due to overheating, too much or too little pressure, scorching, burning
Effects of electric current (e.g. short circuit, lightning strike, overcurrent or overvoltage)
Failure of systems used for measuring, control or safety
Failure of electronics

Insured benefits

The insurance fully covers all technology equipment and machinery in your company if, for example, you have to pay the costs for repairs, replacement or rental equipment as well as for the lease payments for defective devices. And your company is indemnified for any loss of earnings in connection with an insured loss.

Repairs: Covers replacement parts and repairs to insured machines, systems and IT equipment
New and rental equipment: Covers costs for rental equipment and for new equipment that is a total loss (at the applicable list price during the first two years following acquisition, and at present value thereafter)
Loss of earnings: We will indemnify the loss if production is reduced or halted due to an insured event
Additional costs: Covers the added expenses and consequential costs necessary for minimizing a loss
Loss of data: Covers the costs of restoring electronic data

Insured devices

Blanket coverage: The insurance covers all of the insured company’s IT and communications technology, IT systems and software, regardless of whether it is owned, rented or leased. Includes infrastructure and data carriers.
Separate coverages: Your SME's machinery and systems are insured individually based on the actual equipment at your company. This means you only pay to protect what you actually have. Individual coverage can be arranged for:
- Stationary machinery, such as printing presses or filling line equipment or
- self-driving or drivable equipment on the company premises such as excavators or forklifts
- Other drivable and transportable equipment and machinery not located on your premises

What does AXA assembly insurance cover?

The danger of damage to technical systems and machinery is never greater than during installation. This is when any planning and calculation errors in the equipment being installed become apparent and the risk of theft and sabotage rises. There is also a higher risk of damage during transport to the place of installation. Assembly insurance makes sense for everyone involved as it offers sensible protection against unpredictable risks during all phases of installation.

Insure risks during the installation phase

Assembly insurance is like insuring a project. Your coverage begins when the equipment to be installed is delivered and ends as soon as it is ready to come on stream and after successfully completed test operations by the purchaser and manufacturer.

Insurable risks

Assembly errors
Planning and calculation errors
Design, material or manufacturing errors
Operational errors
Theft
Water and moisture damage
Temperature effects
Fire damage and events caused by natural forces
Risks of coming on stream
Insurable installation projects

Insurable installation projects

Machinery, electrical and technical installations
Constructions from prefabricated parts
Company and third-party installation equipment such as auxiliary machinery, tools and site accommodation
Property at risk
Building, excavation and construction work

Indemnity

Based on the agreed sum insured, assembly insurance covers sudden and unforeseen damage or destruction during installation. It covers the costs of reinstating the equipment to its state immediately prior to the damage.

Support and frequently asked questions

Our printing machine is new and is covered by a manufacturer's warranty. Isn’t engineering insurance superfluous in this case?

The guarantee relates to the functional capability of the device. Operating errors that lead to a breakdown and the resulting loss of assets are only covered by engineering insurance.
Our company is investing in expanding its production facilities. How can we insure the high investment costs?

Assembly insurance covers the equipment being installed and protects you against the consequences of damage. Protection begins from the time of unloading at the installation site and ends when the system has been set up, is ready to come on stream, and test operations have been completed. Protect yourself from this time forward with engineering insurance.
We have taken out property insurance for our technical installations. Is additional engineering insurance really necessary?

It is recommended, as traditional property insurance protects you against the basic risks of fire, events caused by natural forces, water and theft. However, most of the damage to technical systems and electrical installations is due to other causes, e.g. faulty operation or short circuiting. Alongside the necessary repairs to systems, data recovery or measures to maintain business operations often result in high costs. With engineering insurance you are protected against these risks.
What’s the difference between electronic equipment insurance and engineering insurance?

Often the purpose of electronic equipment insurance is to protect the company’s office equipment. You don’t need this policy as our engineering insurance offers blanket coverage for all your electronic equipment.

Does your company have the insurance it really needs?

AXA’s insurance check for SMEs can help you work out what you need. It will tell you what kinds of insurance are mandatory, which ones are advisable, and which ones require further consideration. All on the basis of your individual business model and in just a few clicks.

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