As the built environment grows more complex and innovative materials and techniques are pushed to their limits, the risk of unforeseen failures and costly liabilities increases.
MS First Capital provides a comprehensive suite of engineering insurance and re-insurance solutions tailored to help the construction and engineering sectors. We are a long-term player in this market with decades of experience in providing innovative insurance systems and responding to claims both in Singapore as well as across Asia. We have a broad risk appetite and have experience insuring large infrastructure projects, power plants and natural resource extraction activities. We offer primary and excess policies as well as lead/follow co-insurance.
Details about the standard types of policy we issue can be found below. Do note that the exact scope of coverage will depend on the wording of the policy issued to you. It is crucial that you read and understand the terms and conditions of the policy as issued.
Construction sites are inherently complex and come with considerable risks. Mistakes, if they happen, can cause immense cost and inconvenience and can developers and contractors hard.
This policy provides an all risks cover during the construction period for contract works (and any maintenance period) against loss or damage to property, third party liability for accidental bodily injury or property damage in connection with the performance of the contract and delay in start-up. As an “all risks” policy, it covers all types of perils except those specifically excluded.
The standard policy covers the contract works but it can be extended to cover the principal’s existing property, removal of debris and professional fees. The Policy does not cover delay, faulty design, inventory losses or penalties and fines.
The Policy is taken in the name of the Principal, Contractor or Sub-Contractor either individually or jointly.
We have a broad risk appetite and have written policies for a wide range of civil engineering projects such as tower blocks, bridges, canals, roads and tunnels.
The construction industry relies heavily on a wide range of plant and machinery. Although these assets are designed to perform demanding tasks, they remain vulnerable to sudden and unforeseen damage or loss. Because plant and machinery often represent a significant investment for contractors, any breakdown can cause financial loss especially if it causes delays to the project works or if repair costs are substantial.
Our Contractors Plants and Machinery policy covers contractors for loss or damage to the contract works, site materials and their plant and machinery that may occur during an accident on a construction site against various perils. The policy can also be extended to cover the contractor’s liability to members of the public for death, injuries or damage to their property caused by the contractor’s negligence and also for clearance and removal of debris, overtime, express freight costs and damage to insured’s surrounding property.
The policy can be taken by the owner of the machine, the contractor or user or by the Financing Institution either jointly or severally.
We live in a digital age where organisations depend on technology driven solutions, with critical data being data is stored and retrieved through remote platforms. Accidental loss or damage to electric equipment such as laptops and servers can cause sudden and unexpected losses and leave organisations facing huge inconvenience.
Our standard Electronic Equipment policy protects your computers and other electric equipment against sudden and unforeseen physical damage including breakdown due to any peril other than those specifically excluded. We therefore provide cover for short-circuiting and electrical fault, falling objects and entry of foreign objects. We do not provide cover for normal wear and tear, corrosion, war and terrorism, failure due to interruption in power, gas or water supply and consequential losses.
For an additional premium, this policy can be extended to cover external data media and also the cost of reconstruction of the data lost due to a peril covered under the Policy.
Construction sites already depend on specialised mobile equipment such as cranes, tractors, forklifts and excavators to keep projects moving efficiently. But the industry is undergoing a transformation which will see new types of mobile equipment becoming ubiquitous. With this shift comes greater complexity and risk as equipment breakdowns can lead to costly delays, unexpected repair expenses and operational disruptions.
Our Equipment All Risks policy provides an indemnity for losses arising from unforeseen and sudden physical loss or damage. We cover all causes of loss other than those specifically excluded in the policy wording. Our policies can also be extended to cover losses arising during the dismantling of equipment for cleaning, overhauling and re-reaction.
Many businesses rely on high value or specialised machines for their daily processes, services and operations. As these machines become more advanced and costly, the risks associated with breakdowns grow significantly. Unexpected failures can lead to business interruptions, reputational harm and substantial financial losses
Our Machinery Breakdown policy provides an indemnity for losses arising from accidental electrical and mechanical breakdown due to internal or external causes. We cover all types of industrial or commercial machinery such as compressors, pumps, turbines, transformers, Motors and generators whether in operation or at rest. This policy however excludes loss due to fire/ theft, gradually developing faults and deterioration.
Upon request we able to assist customers in the construction and engineering sectors who are required to provide security to main contractors or developers.
