In this post I will be sharing with you different definitions of Insurance and Engineering Insurance
What is Insurance?Insurance can simple be define as a pool of risk.
Insurance is the equitable transfer of the risk of a loss, from one entity to another in exchange for money. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss.
You May Read: Electrical Contractors InsuranceInsurance is a special type of contract between an insurance company and its client in which the insurance company agrees that on the happening of certain events the insurance company will either make payment to its client or meet certain costs.
Insurance is an arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a specified premium.
an arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a specified premium.
A promise of compensation for specific potential future losses in exchange for a periodic payment.
Insurance, in the simplest terms, means you pay a lump sum to get a leverage or protection against an incident of a large magnitude
Now knowing what is insurance than what is engineering insurance
What is Engineering Insurance?Engineering insurance refers to the insurance that provides economic safeguard to the risks faced by the ongoing construction project, installation project, and machines and equipment in project operation.